Cash shortages are becoming an increasing concern for Australians as the Transport Workers Union (TWU) has officially endorsed a strike among cash-in-transit workers in Victoria and Tasmania. The strike, involving over 500 workers from Armaguard and Prosegur, two of the largest companies responsible for cash handling in the country, is expected to cause serious disruptions to cash deliveries.
These disruptions are likely to affect critical services, including ATMs, banks, and retail businesses, potentially leading to a shortage of physical currency. If the situation worsens, this strike could have a significant impact on access to cash across Australia.
Cash-in-Transit Industry Faces Growing Risks
The TWU has pointed out that cash-in-transit is one of the most high-risk jobs in the transport sector, with workers facing increasing dangers due to unsafe working conditions and mounting pressures from major customers, including the big banks. The union has argued that the contracting pressures imposed by these financial institutions are contributing to declining safety standards in the industry.
A statement from the union emphasizes the growing risks that cash-in-transit workers face daily:
“Cash-in-transit is one of the most high-risk jobs in the transport industry, with dangers only increasing, led by significant contracting pressures from customers including the major banks.”
This has sparked anger among workers who claim they are underpaid and overworked while banks continue to generate large profits. Michael Kaine, the TWU National Secretary, expressed frustration at the situation, stating,
“They’ve done the heavy lifting in this industry and their pay has languished while the banks make billions.”
The union has demanded that all parties involved—Armaguard, Prosegur, banks, and retailers—pay their fair share to fund safer working conditions and ensure the sustainability of the cash-in-transit industry. The stakes are high, as this cash shortage could quickly ripple through the Australian economy, affecting daily business operations and individual access to money, as reported by 7News.
Escalating Strike Action and Its Potential Impact on Cash Access
The workers initially plan to stop working overtime and weekends, but if no agreement is reached, the strike will escalate to full 24-hour work stoppages over four days. This escalation is expected to cause major disruptions to cash deliveries, potentially resulting in significant cash shortages.
In addition to the affected regions of Victoria and Tasmania, workers in New South Wales and Queensland have voted in support of industrial action and are in discussions about coordinating further steps.
TWU Director of Organising for Victoria and Tasmania, Sam Lynch, emphasized the critical nature of the work these employees do, saying,
“Every dollar that reaches a shop counter or cash machine is because these workers get it there. When they stop, cash stops.”
This statement underscores the essential role of cash-in-transit workers in maintaining a stable cash supply. If the strike continues or expands, Australians could experience increased difficulty accessing cash, especially in more rural or less digitally connected areas.
The potential cash shortages could be severe. With businesses and banks already dealing with supply chain disruptions, the lack of cash deliveries could put additional strain on an already stressed system. Retailers who rely on cash payments may find themselves unable to provide change or complete transactions, leading to customer frustration and financial losses.
A Stand Against the Push for a Cashless Society
The strike also represents a broader protest against the banks’ increasing push towards a cashless society. Many workers and union leaders argue that the banks’ efforts to move away from physical currency are pushing them into a corner. As Lynch pointed out,
“We are fighting back against the big banks’ efforts to create a cashless society.”
The TWU insists that it is essential to protect the workers who are integral to the functioning of the current cash-based system, which millions of Australians still rely on.
The looming cash shortage is not just about labor disputes—it’s a conflict between the future of money and the realities of today’s workforce. The strike is a reminder that while digital payments are on the rise, cash still plays a vital role in the daily lives of many Australians. The cash-in-transit workers are standing up not only for better wages and working conditions but also for the continued viability of cash in an increasingly digital world.
