Description of Conduct
On 27 June 2024, the Australian Banking Association Ltd (ABA) lodged an application for authorisation with the ACCC. On 26 July 2024 and 4 September 2024, the ABA sought to vary the proposed conduct.
The ABA sought authorisation for itself, the Funding Parties, the Reserve Bank of Australia, Treasury and Armaguard to discuss, share information, reach agreement on and/or implement (as relevant) the following assistance measures by one or more of those parties for the purpose of supporting wholesale cash viability and access to cash by businesses and members of the public:
(a) short term financial contributions to Armaguard;
(b) operational sustainability and efficiency measures that can be implemented across services provided to each of the Funding Parties under their respective service agreements and/or Armaguard's cash-in-transit business,
The parties also proposed to share information and consult with the Customer Owned Banking Association and/or other Proposed Authorised Parties regarding the assistance measures listed above.
The parties also sought authorisation for the development of an Independent Pricing Mechanism which is (i) analogous to pricing which would apply to regulated services, and (ii) which does not unreasonably discriminate between cash-in-transit users and the in-principle agreement to apply (but not implement) that Pricing Mechanism in respect of each (future) cash services agreement with each of the Funding Parties.
Authorisation was sought until 30 June 2026.
The ABA requested interim authorisation to enable participants to engage in the proposed conduct while the substantive application for authorisation is being assessed by the ACCC.
On 3 July 2024, the ACCC granted interim authorisation with a condition in respect of short term financial contributions to Armaguard.
On 12 September 2024, the ACCC revoked the interim authorisation dated 3 July 2024 and granted a new interim authorisation for an expanded range of conduct with 4 conditions.
On 11 December 2024, the ACCC revoked the interim authorisation with conditions dated 12 September 2024 and granted a new interim authorisation with amended conditions.
On 11 December 2024, the ACCC issued a draft determination proposing to grant authorisation with conditions until 30 June 2026.
On 19 December 2024, the ACCC decided, and the applicant agreed, to extend the statutory timeframe for the ACCC to release its final determination until 26 June 2025.
On 25 June 2025, the ACCC decided to grant authorisation with conditions, until 30 June 2026. The ACCC also revoked the interim authorisation with conditions dated 11 December 2024 and granted a new interim authorisation with amended conditions. A copy of the ACCC’s final determination is available below.
Applicant(s)
- AUSTRALIAN BANKING ASSOCIATION LIMITED
Applications
| Document title | Date | |
|---|---|---|
| ABA submission and variation to application | ||
| Application Received |