In November 2005, our agency banking service (formerly giroPost) changed its name to Bank@Post, which better reflects the financial service we offer our customers.

The banking service itself has not changed: Bank@Post allowsour customers to make deposits, withdrawals, credit card payments and account balance enquiries with a range of banks, credit unions, building societies and other financial institutions.

In September 2004, the Federal Government committed to funding the connection of 266 small remote and rural outlets to our on-line banking network. Under phase one of the Bank@Post program, the first 20 outlets were connected by 30 June 2005. In the second phase of the program, a further 110 outlets were connected by 30 June 2006. When this project is complete (in December 2006), more than 3,300 Australia Post outlets will be electronically connected in real time through our point-of-sale counter system.

We processed 30 million banking transactions in 2005/06 – a decrease of 2.6 per cent on the previous year, which reflects the continuing impact of electronic banking and the growth of EFTPOS cash-out ATM networks.

More than 1,100 Australia Post outlets now offer business banking, compared with 882 last year and 612 the year before. A total of 886 of these are in rural and regional areas.

Business banking transaction volumes increased by 7.7 per cent in 2005/06, with five banks and one credit union now offering the service through Australia Post.