Australia Post managing director Ahmed Fahour said the changes meant the business represents a shift from “a letters business to a parcel business”.
Australia Post’s parcel delivery service continues to grow thanks to the explosion in online shopping, helping to post an overall profit of $116 million.
Australians will be forced to pay more for ‘regular’ mail delivery as part of a shake-up of Australia Post‘s dwindling letters service.
Mr Fahour said the financial bleeding from the letter delivery service was "overwhelming" other parts of the business.
As more customers move from receiving traditional mail to online, Mr Fahour said the letter delivery service was essential if the company was to remain sustainable.
Managing director Ahmed Fahour announced the changes on the back of the business announcing today its mail division lost a record $328. 4 million in 2013-14.
Read more here: SMH