The ACCC proposes to grant authorisation with conditions until 31 October 2024 to the Australian Banking Association, its member banks, and other industry participants to engage in discussions, exchange information and reach in principle agreements regarding the development of industry responses to challenges to the sustainability of cash in transit services and access to cash. Implementation of industry responses or solutions to sustain cash-in-transit services will, if required, be the subject of a separate application for authorisation.
Interim authorisation with conditions was granted on 6 December 2023 and will remain in place until the date the ACCC’s final determination comes into effect or until the ACCC decides to revoke interim authorisation. As required as a condition of the interim authorisation, the ABA will continue to provide regular reports to the ACCC about the discussions they hold and initiatives they propose and will also report on consultation it undertakes with industry stakeholders.
The ACCC is now seeking submissions in response to the draft determination by 10 April 2024, before making its final decision. Further details about the application and how to make a submission are available on the ACCC’s public register.