The Australian Competition and Consumer Commission (ACCC) has approved a joint initiative by major banks, retailers, Australia Post and cash transport provider Armaguard to ensure the ongoing viability of cash-in-transit (CIT) services across Australia.

The authorisation, granted to the Australian Banking Association (ABA) and its partners, allows the group to provide financial support to Armaguard and collaborate on operational efficiencies to stabilise and sustain cash transport services.

These services are essential for ensuring continued access to cash, particularly in regional and remote parts of Australia.

“The conduct is likely to reduce the risk of disruption to Armaguard’s services and support continued access to cash across the country,” said ACCC Deputy Chair Mick Keogh. “This is a significant public benefit.”

The ACCC noted that the arrangement is subject to six strict conditions, including regular reporting to the ACCC, Reserve Bank and Treasury, and mandatory stakeholder consultation before implementing any sustainability measures.

Deloitte, or another independent party, will oversee consultation on a proposed pricing mechanism between Armaguard and its customers, though implementation of that pricing model is not yet authorised.

The decision follows a series of interim authorisations dating back to 2024, after the merger of Armaguard and Prosegur left Armaguard as the dominant CIT provider in Australia. With rising costs and reduced demand for cash handling, industry concern has mounted over the future of cash services.

While the authorisation permits planning and financial coordination, a separate ACCC approval will be required before any pricing agreement can be implemented.

The ACCC said public detriment is expected to be minimal, given the safeguards in place and the need to maintain national cash infrastructure.

A separate ABA-led application related to long-term cash service continuity is still under ACCC consideration.