Global accounting firm Deloitte has unveiled a plan to save the cash-in-transit services of Armaguard and ensure money is kept moving across Australia.
Deloitte Access Economics has determined its recommended regulating pricing model for the cash-in-transit services of the Linfox-owned Armaguard.
The final independent pricing mechanism report has been provided to Armaguard as well as major banks and retailers, coming just a year after Australia’s big four banks in ANZ, Commonwealth Bank, NAB and Westpac combined with retailers Wesfarmers, Coles, Woolworths and Australia Post to offer a $50 million bailout and ensure the cash transport distributor didn’t collapse.
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The only cash-in-transit service has had a tough time in recent years due to consumers in the market choosing to use digital payments over cash, causing Armaguard’s revenue to decline.
“This is an important milestone in working to keep cash available around Australia, even while people are using less of it,” Deloitte Access Economics says.
The model will now require authorisation by the ACCC which would support the continued financial viability of cash distribution across the country, especially in regional and remote areas.
“All parties have worked together in good faith to achieve this milestone and will continue to work together to ensure the ongoing sustainability of cash-in-transit services,” Deloitte says.
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