Commonwealth Bank of Australia confirms landmark agreement with Australia Post

Published: Comments:
Australian Government Community Money & Finance Political Technology & Communications

Social:   

Australia Post announced today that the Commonwealth Bank of Australia (CBA) has signed an agreement to support critical investment in Australia Post’s Bank@Post service. This is a landmark agreement in the history of Australia Post and will help ensure all Australians can continue to use Post Offices across the nation to access important financial services.

The five-year commitment includes CBA contributing a new annual Community Representation Fee of $22 million and revised transaction fees. This partnership enables Australia Post to invest in the Post Office network in order to help provide safe, reliable banking services, ensure our Licensed Post Office partners will be paid appropriately and support the future prosperity of many communities.

Australia Post’s Group Chief Executive Officer and Managing Director Christine Holgate said “I am extremely appreciative that the nation’s largest bank has taken a lead position in supporting Australia Post. This investment will not only help save a critical service in Post Offices serving the communities of Australia, it saves jobs and supports the financial viability of our local Post Office partners,”

“The agreement ensures customers will be able to access withdrawal, deposit, balance enquiries and passbook services at more than 3500 Post Offices across the country. Approximately 30,000 CBA customers use Bank@Post every day.”

There are 1550 communities across Australia, predominantly in rural and regional Australia, who today have no bank branch. The citizens and small businesses of these communities depend on Australia Post to provide access to financial services through the Bank@Post service in their local Post Office.

Without this service these communities face significant economic and social challenges. Recent research by Deloitte Access Economics highlighted the important role Post Offices play in local communities. In fact, with every role Australia Post employs in rural and regional Australia, two more jobs are created in the economy.

Today Australia Post loses money operating the service and does not have the funds to subsidise this service further or make the critical investment needed. Many of Australia Post’s local Post Offices are operated by Licensed Post Office partners, who as small businesses, do not have the capital investment needed.

Without support, Australia Post risked either suspending the service or closing some community Post Offices, which would have hurt communities and cost jobs.

“Matt Comyn and the CBA team have shown strong leadership on this issue and a real commitment to ensuring the prosperity of communities that rely on our Post Offices. I would also like to thank both the Treasurer, The Hon. Josh Frydenberg MP

 
Australia Post :
Australia Wide
Australia Post
Showing 8 recent articles for this business
Easter – not just about the chocolates 18 April 2019 | Easter time may be synonymous with chocolate and bunnies, but more and more Australians are using the season to purchase a range of other goods for themselves and for others. More information...
Australia Post to operate nation’s largest electric vehicle fleet 01 February 2019 | A new order for an additional 1,000 three-wheeled electric delivery vehicles (eDVs), by Australia Post, is set to make it the nation’s largest electric vehicle fleet operator. More information...
Australia Post delivers record Christmas volumes as online shopping booms 15 January 2019 | For the first time ever Australia Post delivered more than 40 million parcels during December, making it the biggest ever month for parcel volumes for the organisation. More information...
One-in-two Australians buying toys and games this Christmas as online shopping soars 30 November 2018 | More Australians are turning to online shopping to buy their Christmas gifts, spending an average of $200 each as they start filling their stockings now. More information...
Children send Christmas wishes in the mail 19 November 2018 | The magic of Christmas is just around the corner and Australia Post is encouraging young Australians to write and post their letters and wish-lists nice and early to ensure they receive a reply from Santa before... More information...
Australia Post prepares for record Christmas 02 November 2018 | Australia Post is gearing up for its biggest Christmas ever, aiming to recruit a record number of additional workers – expected to be close to 3,000 – for peak season operations and launching weekend delive... More information...
Westpac and NAB join Australia Post in historic Bank@Post community agreement 15 October 2018 | Westpac and NAB have both given multi-year commitments to partner with Australia Post, enabling their customers to continue to conduct banking transactions in 3,500 Post Offices across Australia using the Bank@... More information...
Commonwealth Bank of Australia confirms landmark agreement with Australia Post 08 October 2018 | Australia Post announced today that the Commonwealth Bank of Australia (CBA) has signed an agreement to support critical investment in Australia Post’s Bank@Post service. This is a landmark agreement in the... More information...



Social:   
comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service