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“If we do everything in our power to run this business well and we get a favourable regulatory response towards modernisation, I’m confident that Australia Post will return to profit. Without this support, the FY23 loss will be followed by many more,” he said on Thursday.
Australia Post is pressing the federal government, which wholly owns the business, for a political commitment on changes including reducing letter frequency and closing some full-service post offices in metro areas.
Today, the average Australian household receives only 2.2 addressed letters each week, down from 8.5 each week in 2008, and this is expected to almost halve in the next five years, Post said.
Post Offices are also under threat with over-the-counter transactions down 21 per cent. The corporate Post Office network also faces increasing losses as foot traffic falls.
Total expenses increased by 2.7 per cent to $9.1 billion, driven by increasing fuel, energy and labour costs but Post said it cut $237 million by streamlining support office structures.
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