Billionaire Lindsay Fox’s ownership of Armaguard makes him the king of cash (of sorts). The trouble is cash is going the way of the dodo.
Billionaire Lindsay Fox appears to be playing a dangerous game of chicken with a formidable and powerful foe – a collective of nine organisations including the big banks, the big supermarkets and Australia Post. But he is doing so from a seemingly weak negotiating position.and Armaguard is a slow motion train wreck that’s ironically run out of money.Now it’s collision time. And while the corporate undertakers may have been turned away, they must surely be on standby.
But at the eleventh hour Fox refused the offer, deciding instead to use his own resources to ensure its cash transporting subsidiary had a pulse. Coles immediately responded by resuming services with Armaguard. But it’s a position that seems a long way from delivering a long-term resolution - given the uncertain future of cash in Australia.
But for pensioners, drug dealers and tax evaders, just about everyone has joined the 21st century by moving to a near cashless economy.We know that in 2010 more than 60 per cent of purchases were made by cash. It is now closer to 10 per cent, with forecasts this number will halve by the end of the decade.
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