Australia Post reports $88.5 million loss in the last financial year

Australia Post has reported a loss of $88.5 million in the recent financial year due to the declining letters business, losing almost $362 million. These losses were partly offset by increased revenue from the parcel and services division, cost savings, productivity gains, and branch closures. Australia Post says there is an oversupply of post offices in metropolitan areas, which means more branches will need to shut down for the service to remain viable. The overall loss of $88 million is an improvement on the previous year, when it lost $200 million.