Australia Post has once more called for “additional funding” from its banking partners.
Post on Friday reported a group loss before tax of $88.5 million over the year to June 2024, from a $200.3 million loss in FY2023.
“The shifting banking landscape, along with the increased cost of doing business, means Bank@Post is heading towards losses over the medium term unless our bank partners provide additional funding” managing director Paul Graham said in a media release.
“As Australia Post serves more banking customers, we must reconsider our increased compliance, safety and security measures for customers and our team members.
“We are focused on transforming our Post Office retail network alongside our valued licensees, as we work to ensure appropriate compensation for the services they provide, particularly Bank@Post.”