ANZ Refused the Australia Post Deal as It Finds the Deal Unfair

  • Oct 23, 2018 AEDT
  • Team Kalkine
ANZ Refused the Australia Post Deal as It Finds the Deal Unfair

ANZ Banking Corp finds the fee to access all the branches of Australia Post to be unfair, hence refused to pay the fee of $22 million a year.

As per Shayne Elliott who is the chief executive officer of ANZ, Australia Post is asking to pay three to four times more per transaction as CBA is paying through post offices which he thinks to be unfair and stated the same in a conference at Sydney. In the Senate's environment and communication legislation committee in Canberra, the CEO of Australia Post Christine Holgate has threatened ANZ in regard to the fee disputes and also warns to cut off the services of ANZ customers after the expiration of the agreement in three months.

Previously, the post office did not charge any access fee from the banks which are not being charged in addition to the transaction fee. She also stated that Westpac and National Australia Bank have also agreed to pay $22 million annually as community access fee above the per transaction fee ranging from $2.50 and $3. 

Mr. Elliott agreed that in the past three years the contract was underpriced for which he is ready to pay two to three times more per transaction. However, he believes that the access fee of which the Australia Post is charging is not negotiable. He does not agree on the access fee charge instead he says that they will look for some alternate solutions. Mr. Elliott believes that the structure of Australia Post is unfair and mentioned about the cost per transaction of ANZ is much above the transaction cost which Sydney bank is paying. This will result in ending up paying three times more for the same transaction. He also makes comment stating that people who need to access the branch network of ANZ are not required to pay for that instead this is what is expected from them.

Mr. Elliott disagrees in regard to the new community fees which cost ANZ five times above the transaction fee on per transaction basis. He says that it might be possible that as a result of declining revenue from the stamps which is the biggest challenge for the post office is causing them to charge from the bank. Mr. Elliott also brings into the picture about the number of customers using Australia Post for business banking services, mostly depositing coins. These are 900 in number. He also says that around 1200 ANZ retail customers who are also using Australia post branches but uses ATM to withdraw money and use BPay for paying their bills.


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