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AAP

Business

William Ton

Cash crunch talks as money mover Armaguard digs in

Armaguard ACCC Australia Post Coles

Australia's biggest users of cash are working on contigency measures in case Armaguard collapses. (Melanie Foster/AAP PHOTOS)

Retailers and banks are preparing contingency measures in case Armaguard collapses after the money transporter rejected a $26 million bailout from the nation's biggest cash users.

The competition watchdog has approved an application led by the Australian Banking Association to allow a consortium of cash users to begin talks on measures in case of Armaguard's failure.

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