“If CBA hadn’t stepped up and agreed to pay this ... we would have had to consider suspending the service and closing post offices,"Australia Post chief executive Christine Holgate said on Monday.
"That undoubtedly would have damaged local communities and cut jobs."
Australia Post has been crying foul over the money it loses from its Bank@Post service,as banks close their own branches in regional and rural locations and instead direct their customers to their local post office.
There are 1550 communities across Australia without any bank branches and where an Australia Post outlet is the only place to do face-to-face banking.
Post offices process more than 376 million customer financial transactions every year,including $12.6 billion of bank transactions and $35 billion of bills being paid.
Meanwhile,Australia Post's network of 4356 post offices cost $1.3 billion to operate and ran at a $130 million loss last year.