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TWU calls on Big Four banks to keep transport industry moving

Following $32.5 billion in profits for the past financial year, the TWU wants Big Four banks to help fund the transport industry and not continue cost pressures on operators

The Transport Workers’ Union (TWU) is calling on Australia’s Big Four banks to continue moving cash flow in the nation to help the transport industry survive.

With the Big Four banks delivering a record profit of $32.5 billion for the 2023 financial year, the TWU says cash-in-transit workers are under pressure and “great stress” from cost-cutting.

TWU national secretary Michael Kaine says wealthy clients like banks, retailers and manufacturers are imposing below-cost contracts, causing transport operators to cut corners that they can’t sustain, as seen with the collapse of Scott’s Refrigerated Logistics and 346 other operators last year.

“Banks have been squeezing this industry for years. That’s bad enough when the industry is thriving, but at a time of crisis there is no room for penny-pinching on transport costs,” Kaine says.

“This is not about a lifeline to a struggling transport operator, it’s about client responsibility, and banks paying what it takes to keep cash in service – something Australia needs.”

Kaine says the primary expectation of banks is to keep money safe, but he says they are failing to do so.

“Billions in profits while holding out on a long-term solution to the cash-in-transit industry is an unacceptable betrayal of the community,” Kaine says.

“Cash-in-transit workers do an important job, but it is a dangerous job. Armed hold-ups and deaths in the line of duty are known in this industry. It’s critical for the safety and wellbeing of these transport workers that this is resolved quickly with a view to the future.

“The TWU is engaged in ongoing discussions with Armaguard to protect workers. The critical matter at hand is for banks to pay their fair share.”

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