Banks pay up to dodge rural levy with new AusPost arrangements
Sources told Capital Brief the new arrangements, which were negotiated under tight non-disclosure agreements, would lead to about a 30% increase in costs for lenders.
Australia’s major banks have and even some foreign and not so major ones agreed to wear a substantial increase in costs to support Australia Post's banking services in a bid to dodge a regional services levy threatened by the government.
Treasurer Jim Chalmers announced on Tuesday the banks had agreed to a two and half year moratorium on regional bank closures along with a broader commitment to AusPost’s Bank@Post service.
Capital Brief has been told by banks the new fees will be around 30% higher. ANZ has agreed to join negotiations after dropping its participation in 2019 when AusPost wouldn’t budge on a flat rate charged equally to all majors regardless of their use of the service.
Under the previous arrangement with AusPost, the majors, with the exception of ANZ, were paying around $25 million a year for the service with smaller banks contributing around $15 to $20 million in total. The three majors had long term contracts with AusPost which appear to be superseded by this latest push from the government.
