We signed a new agreement with our Licensed Post Office (LPO) network this year, the first major change to this agreement in 26 years. The new agreement includes an increase in their minimum payment of 25 per cent; as well as 50 per cent increases in payments for some transactions. The payment increases embedded in the new agreement equate to an additional $34 million per annum that we are investing in the viability and long-term sustainability of community-based LPOs.

Our licensees are critical to our network. They are the face of our brand and the people our customers connect with in many communities, and this agreement lays the foundation for the vital work they do for our organisation.