Hi Cash Lovers, 

The government is making a plan and setting a budget in case Armaguard suddenly fails.

Armaguard Executive Chairman Peter Fox said the plan was an “absolutely outrageous affront” and “absolutely ludicrous."

Former ACTU Secretary Bill Kelty, who now works with Linfox Armaguard, slammed the provision of $400 million of taxpayers’ money as a safety net should Armaguard run into crisis and need to be taken over.

Kelty said the $400 million “crisis powers” contingency was effectively a subsidy for the big banks and retailers, a “totally entirely inappropriate public policy” and “a policy of lunacy and stupidity”.

Peter Fox said the company had been creating a new pricing plan for wholesale cash with Deloitte, banks and retailers for three years.

The Master Grocer's Association (representing Independent and supermarkets) is very concerned costs could be shifted into retailers for providing cash access and acceptance. 

"The introduction of a new regulatory framework must not have the unintended consequence of increasing cash collection charges, cash ordering fees or reducing service availability for independent retailers," said the MGA's submission.

"Cash is an essential public good that delivers benefits extending well beyond the businesses that handle it. It supports payment system resilience, financial inclusion, emergency preparedness and consumer choice.

"The costs associated with preserving Australia’s cash system should therefore not fall disproportionately on the independent retailers that continue to provide cash services to their communities."

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Jason Bryce
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