THE ACCC HAS GRANTED authorisation to allow the Australian Banking Association, its member banks, Australia Post, retailers, supermarkets and other industry participants to collaborate so they can ensure there is continuity of cash-in-transit services.
The ACCC’s authorisation allows the parties to collaborate and prepare for any suspension or disruption of cash-in-transit services.
Banking Day has reported extensively on this drama this year and our archive can be accessed here.
Linfox Armaguard isn’t too happy about this at all.
“It is important that in the event of any interruption to cash-in-transit services there are safeguards and measures in place to protect businesses and consumers,” ACCC Deputy Chair Mick Keogh said.
“Our authorisation today, allows the ABA, its member banks and other industry participants like Australia Post to make this to happen.”
“This authorisation includes conditions that the ABA provides regular reports to the ACCC about the discussions and steps taken to engage in consultation with industry participants across Australia,” Mr Keogh said.
In relation to a further ABA application, the ACCC has decided to grant interim authorisation to allow the ABA, banks and retailers to provide financial contributions to Armaguard, discuss, share information, and reach in-principle agreement on operational sustainability.
Armaguard expected this.
This interim authorisation also allows parties to agree on efficiency measures and discuss, share information and reach, but not implement, in-principle agreement about an independent pricing mechanism.
“This interim authorisation includes conditions requiring transparency of discussions,” Mr Keogh said.
“A key consideration in both of the ACCC’s decisions was the importance of facilitating continued access to cash in remote and regional areas where consumers are more likely to be high cash users. Remote and regional areas also have fewer bank branches and so, often, the only access is through non-bank organisations such as Australia Post, clubs and retailers.”