Big banks, retail giants and Australia Post have agreed to a $50 million bailout for the struggling cash transit business Armaguard, in a move aimed at securing cash supplies for at least the next year.
On Monday, Armaguard said it had struck a deal with a consortium comprising the Australian Banking Association, the Commonwealth Bank, NAB, Westpac, ANZ, Coles, Woolworths, Wesfarmers and Australia Post. “This deal will keep cash moving around the country and ensure it remains available to Australians wherever they live,” Bligh said.
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