TWU MAKES APPLICATION FOR BANKS AND RETAILERS TO PAY UP FOR CASH TRANSPORT

The TWU will today use new provisions under transport reform laws to request that the Fair Work Commission urgently convenes a cash-in-transit conference, calling in all banks, retailers and industry participants to ensure they each do their fair share to properly fund critical cash-in-transit services which face extinction without action.

The continued existence of Armaguard, which provides 90% of cash-in-transit services in Australia and employs over 1400 workers, is critical in ensuring the ongoing management and delivery of cash in the Australian economy.

The cash in transit industry is in crisis with declining safety standards, unsustainable operating models and declining rates of remuneration and funding, a significant amount of which can be attributed to contracting pressures from their largest customers, including the major banks.

Though a $50 million lifeline will see Armaguard to June this year, there is an urgent need for a long-term solution given the continued necessity for cash in the Australian economy, and this must be properly funded by the company’s large customers like banks and retailers.

The Fair Work Commission, following legislation passed by the Albanese government last year, has the power to set enforceable standards in the road transport industry throughout supply chains.

The TWU previously made landmark applications using the new legislation for minimum standards in food and parcel delivery, and fairer contract terms like maximum 30-day payments across trucking.

TWU National Secretary Michael Kaine said:

“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.

“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.

“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.

“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.