Australia Post has announced that banking giants Westpac and NAB have joined the Commonwealth Bank in signing historic agreements to enable their customers to carry out their banking businesses in Post Offices across the nation.
Group Chief Executive and Managing Director at Australia Post, Christine Holgate said Westpac and NAB had both given multi-year commitments to partner with Australia Post.
“Importantly, these agreements include a new Community Representation Fee of $22 million per annum, as well as revised transaction fees that will enable critical investment in the Post Office network,” Ms Holgate said.
“Together, the decision of these three banks means Australia Post has secured hundreds of millions of dollars of additional funding required for Post Offices in the years to come.”
She said the additional funding would enable Australia Post to ensure safe, reliable banking services, boost funding to Licensed Post Office partners and importantly, continue to support communities across Australia.
“Previously, Australia Post has lost money on providing these banking transaction services on behalf of its banking partners,” Ms Holgate said.
“Australia Post does not have the funds to subsidise this service further or make the critical investment needed.
She said she was disappointed the ANZ Bank had chosen not to commit to the request for support to community Post Offices.
“We have today given ANZ notice that their current agreement for Bank@Post services with Australia Post will end in three months,” Ms Holgate said.
