Skip to main content
Financial Assistance Hub

Banks welcome progress to establish regulatory framework for cash distribution

Banks welcome progress to establish regulatory framework for cash distribution

22 April 2026

The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector.

ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it.

“This is a welcome step and will be an important safety net in shoring up the ongoing distribution and availability of cash across the economy,” ABA CEO Simon Birmingham said.

“Banks and retailers have played a critical role in ensuring the short-term viability of the cash-in-transit sector having injected over $100 million of emergency funding above their normal payments into Armaguard to keep cash moving around the country.

“Australia’s banks are committed to providing Australians with choice in banking and payments, which is why they continue to invest in the availability and transportation of cash alongside safe, modern and real-time digital banking options.

“Industry continues to work with Armaguard on the timely establishment of an independent pricing mechanism, however ongoing uncertainty in the future cash environment highlights the importance of having a regulatory safeguard.

“The industry will engage closely and constructively with Government, Treasury and the regulators to progress this important legislative safety net.”

Latest news

1 / 3
Transcript
ABA CEO Simon Birmingham interview with ABC Sydney’s Thomas Oriti on offset accounts
29 July 2026

E&OERadio InterviewABC Radio Sydney29 July 2026 Topics: ASIC report into offset accounts Thomas Oriti: Do you have an offset account? I think most people with a mortgage do. If you don’t know what I’m talking about, it’s an account that’s linked to your mortgage and it saves you interest. So, I’ll give you an example…. Read more »

Read more
Transcript
ABA CEO Simon Birmingham interview with ABC News 24’s Ros Childs on offset accounts
29 July 2026

E&OETV InterviewABC News29 July 2026. Topics: ASIC report into offset accounts Ros Childs: Borrowers are being advised to check if they have paid more interest than they should following an ASIC review. The two-year review conducted by the corporate watchdog has found weaknesses in how eight banks monitored and managed offset accounts, resulting in borrowers… Read more »

Read more
Transcript
ABA CEO Simon Birmingham doorstop on ASIC’s report into offset accounts
29 July 2026

E&OETV InterviewDoorstop29 July 2026 Topics: ASIC report into offset accounts Journalist: Simon, what’s your reaction to the report from ASIC today? Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should… Read more »

Read more