The Transport Workers’ Union intends to use Labor’s new supply chain laws to force the big banks and retailers to contribute their “fair share” to Lindsay Fox’s Armaguard as the cash transit business faces potential collapse because of the country’s declining use of cash.

The union will make an unprecedented application on Monday to request the Fair Work Commission to call an urgent conference with Armaguard and its largest customers, the big four banks and retailers Wesfarmers, Coles, Woolworths and Australia Post.