Australia Post full year 2024 results

Australia Post has announced a pre-tax loss of $88.5m for the 2024 financial year, which was an improvement on the $200.3m loss posted last year.

The letter delivery reforms that took effect in April along with the basic postage rate increase helped reduce the losses in the letters business, despite letter volumes falling 12.9%.

The New Delivery Model (NDM) for letters allows Australia Post to extend the length of PDO (postie) delivery rounds and increase the number of small parcels they deliver. This reform has started to have a positive impact on AP's results. The implementation of the NDM started in April, and AP has converted 37 of 174 facilities so far.

Parcel volumes and parcel revenue increased compared to the previous year.

Australia Post says it is in discussions with Commonwealth Bank, Westpac and National Australia Bank to provide more funding to Bank@Post.

AP CEO Paul Graham said he hopes that these negotiations would be finalised by the end of this year, and that without additional funding from the banks, Bank@Post is likely to return a loss in the medium term.