Skip to main content
Financial Assistance Hub

ABA statement on financial support for Linfox Armaguard

ABA statement on financial support for Linfox Armaguard

2 April 2024

The Australian Banking Association acknowledges Linfox Armaguard (LFA)’s statement that they won’t be taking up the offer of financial support from a collective of banks, retailers and supermarkets.   

We welcome Armaguard’s commitment that they will continue to operate and have secured funds from their parent company to maintain their full suite of services.  

Australia’s largest users of cash were approached by Armaguard in October 2023 and told by its representatives the business was not financially viable in its current form and that they needed financial support. 

Since that time the banking sector, major retailers and Australia Post have engaged in good faith. This included seeking authorisation from the ACCC to agree an industry response.  

The Reserve Bank of Australia convened a series of roundtables with representatives from Treasury, the ABA and the banking sector, the major retailers and Armaguard to respond to the financial distress advised by them.  

After several rounds of negotiations a bail out offer was made to Armaguard last Tuesday 19 March offering $26m, without any repayment requirement, for the next six months. 

This generous cash offer was subject to a number of reasonable conditions: 

1. to ensure the emergency funding is provided for its intended use   

2. to make sure customers continue to be provided with cash-in-transit services  

3. to share information about the company’s finances and operations to enable all parties to explore ways to support the ongoing viability of Armaguard.  

This offer of financial support was made in good faith to ensure the last major cash-in-transit company can continue to serve its customers.  

However, it is entirely up to Armaguard to decide how to fund their business and the decision of the parent company Linfox to fund them is a welcome development.  The banking sector remains committed to ensuring cash is accessible for customers.  


Latest news

1 / 3
Media Releases
Joint Statement: Funding extension for Armaguard 
14 July 2025

Major banks and major retailers have reached an agreement with Armaguard to extend their financial contribution for a further six months.   This will see Armaguard receive an extension of $25.5 million from July to December. This is in addition to the approximately $50 million already provided over the last twelve months to support cash distribution across… Read more »

Read more
Media Releases
Banks strengthen support for customers facing financial difficulty
8 July 2025

The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »

Read more
Transcript
Launch of Confirmation of Payee
2 July 2025

ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »

Read more