Australia’s cash in transit industry has been hanging on for dear life in recent years, and the Transport Workers’ Union has called on all industry participants to do their fair share to continue to fund the critical service.
90 per cent of Australia’s cash-in-transit services are offered by Armaguard, which was the beneficiary of a $50 million lifeline handed out by major customers including Commonwealth Bank, NAB, ANZ, Westpac, Coles, Woolworths, Bunnings and Australia Post.
That funding will expire at the end of June this year, and the TWU has called on the Fair Work Commission to convene a cash-in-transit conference to ensure the proper funding of the service.
The Fair Work Commission has the power to set enforceable standards in the road transport industry throughout supply chains following the passing of federal legislation in 2024.
TWU National Secretary Michael Kaine says nobody can afford for the cash-in-transit industry to fail to survive in Australia.
“Cash still has a huge role to play in the Australian economy and it’s time for banks and retailers to step up to make sure that happens efficiently and safely,” Kaine says.
“There are over 1400 jobs on the line here and vital services for significant parts of our community, especially older Australians and those in remote or regional areas for whom cash is still vital.
“For years workers in the cash-in-transit industry have borne the brunt of cost-cutting, from job insecurity to pay cuts and plummeting safety. Customers like the banks and retailers have had a direct impact on that through their unsustainable contracts with Armaguard.
“We need to see a reliable and safe operator while cash is still part of our society, and that means banks and retailers must stop the squeeze to ensure Armaguard remains viable into the future.”
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