Australia Post Invests $4,000 Weekly to Maintain Cash Flow in Remote Town
Australia Post CEO Paul Graham disclosed the harsh realities of maintaining a flow of cash in remote communities where bank closures are becoming more common.
The national postal service of Australia is spending $4,000 per week to fly cash into the remote mining town of Coober Pedy to keep hard currency circulating within the community.
The CEO of Australia Post, Paul Graham had previously revealed the company’s commitment to continuing the use of cash—as bank branches close in regional areas—but noted that this was not a sustainable solution.
“Where we are the only banking service in town, we will work with that community to ensure that the basic services are provided, but it will become increasingly difficult … in terms of finding people to actually work in those places,” Mr. Graham told the Senate, Environment and Communications Legislation Committee on Feb. 13.
The CEO said there were significant worker shortages across remote towns like Alice Springs and Katherine in Western Australia.
“For example, in Katherine, we are billeting people down on a three-month basis from Darwin to our post office there,” he said, adding that it was often a challenge if staff members fell ill or if licensed shop owners closed their businesses.
The CEO also revealed the cost of the national postal service airlifting cash into some communities.
“All we are asking for is what other countries are doing for their citizens: 1) A right to local access to our cash and banking services. 2) A right to choose cash to pay for food and essentials,” said Jason Bryce, of Cash Welcome.
