RBA Designates Armaguard Under Cash Distribution Framework Act

The Reserve Bank of Australia has designated Armaguard under the Cash Distribution Framework Act, an important step in providing ongoing stability to cash distribution across the economy. According to ABA CEO Simon Birmingham, this move acknowledges Armaguard's role as Australia's largest cash-in-transit operator and ensures continued availability of cash despite its declining usage.

Armaguard has received over $100 million in financial assistance from banks and retailers above contractual conditions over the past two years. This support aims to promote sustainable pricing, clear service standards, and reasonable availability of cash for consumers and businesses across Australia.

The RBA's swift action since passage of the legislation just two weeks ago is seen as a positive step by industry stakeholders. As Mr. Birmingham said, 'banks remain committed to ensuring Australians can continue to use and pay with cash if they wish to do so.'