Transactions declining across retail network.

 

Australia Post has flagged a significant change to its retail operations with the company’s CEO declaring "the headwinds facing our business have never been stronger".

 

AusPost Group revenue dropped $4.69 billion in the first half of the financial year to December 31, 2022 - down 2.4 per cent on the first half of the previous financial year.

 

Group profits before tax plummeted 88.2 per cent, from $199.8 million to $23.6 million. Australia Post will report a full year loss this year for the first time since 2015.

 

Australia Post CEO Paul Graham said: "Our letters business continues to decline, as volumes fall and costs increase.

 

"Changing customer behaviours are also impacting our retail network, with continuing digitisation resulting in declining retail transactions at post offices," he said.

 

“Our Post26 strategy will help position Australia Post to be financially, socially and environmentally sustainable and enable the business to make a positive contribution to Australian communities, now and in the future. We are focusing on streamlining our product portfolio making us easier to do business with and continuing to be a leader in sustainability. However, further changes to the way we operate are necessary,” Graham said.