The Australian competition authority (ACCC) has issued Linfox Armaguard Pty Ltd (Armaguard), Australia’s largest cash-in-transit provider, an interim direction under its new cash distribution regulatory powers. The direction requires Armaguard to continue supplying services and providing access to approved cash centres for existing customers, as well as a limited group of new customers, until 30 June 2027. It sets terms for supply but does not override existing contracts; Armaguard and customers may negotiate new agreements on different terms.

The direction requires Armaguard to maintain the non-price terms that applied on 30 June 2026 and establishes different maximum price paths for customer groups of different sizes. It also prohibits Armaguard from unreasonably favouring its own operations or related companies when dealing with independent ATM customers and third-party cash-in-transit providers.

The ACCC said the intervention addresses risks to the continued supply and availability of cash. The industry is under structural pressure as cash use has declined, although cash use has stabilised in recent years and remains important to some consumers, businesses and parts of the economy. The authority said its short-term approach seeks to balance Armaguard’s financial position with price and non-price certainty for retailers, banks and other customers.

Armaguard had submitted a proposed undertaking covering interim prices, services and national coverage. After consulting Armaguard and many customers, and assessing the proposal, stakeholder views and its own analysis, the ACCC chose to issue the direction instead. It said the regulatory settings can be adapted or modified if needed.

The ACCC will now consider longer-term regulation for cash distribution services. It said future settings will take account of cash availability and viability, economic efficiency, the public interest, Armaguard’s legitimate business interests and employee compensation as a cost of providing the services.

The Australian Government passed legislation in August 2026 giving the ACCC new powers under the Cash Distribution Framework Act. The Reserve Bank of Australia designated Armaguard under the Act on 3 September 2026, making it subject to obligations administered or enforced by the ACCC. The framework allows the ACCC to direct a designated entity to provide services or facility access on specified terms, and allows designated entities to offer court-enforceable undertakings. Armaguard submitted its proposed undertaking on 23 September 2026.

The direction follows the expiry of earlier arrangements. In 2023, the ACCC approved the merger of Linfox Armaguard and Prosegur subject to an enforceable undertaking covering matters including pricing, non-price terms and service supply; that undertaking expired on 4 September 2026. A separate authorisation had allowed parties to coordinate assistance measures, including short-term financial contributions to Armaguard, to support wholesale cash viability and access. That authorisation expired on 30 June 2026, and no contributions under it are ongoing.