Money mover Armaguard rejects $26 million bailout amid collapse fears

Retailers and banks are preparing contingency measures in case Armaguard collapses after the money transporter rejected a $26 million bailout from the nation’s biggest cash users.

The competition watchdog has approved an application led by the Australian Banking Association to allow a consortium of cash users to begin talks on measures in case of Armaguard’s failure.

The interim authorisation allows the groups to “discuss, share information, reach agreement on and/or implement business continuity measures” in the event of the “exit of Armaguard’s cash-in-transit services”.

Among those involved in the discussions include the Reserve Bank, Royal Australia Mint, Australia Post, key retailers, supermarkets, government departments, and Armaguard itself.