BANKS MUST PAY UP TO KEEP CASH MOVING: TWU

The TWU has called on the Big Four banks to pay up to keep cash moving in Australia, after years of squeezing the industry.

While the Big Four banks delivered a record profit of $32.5 billion for FY2023, cash-in-transit workers are under pressure and great stress from cost-cutting on the transportation of cash.

When wealthy clients like banks, retailers and manufacturers impose below-cost contracts on a take it or leave it basis, transport operators are pressured to cut corners until they can no longer sustain themselves. Last year, the largest cold-chain operator Scott’s Refrigerated Logistics collapsed, along with 346 other transport operators in FY23.

TWU National Secretary Michael Kaine said:

“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. 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.

“The primary expectation of banks is to keep money safe, but 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.

“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. With the public holiday approaching, workers need certainty and peace of mind.

“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.”