Is it possible to configure SQL Server 2005 to auto-compress backups?

I have created scheduled backup and shrink maintenance plans for my SQL 2005 instances using the tools in SQL Server Management Studio.

I am wondering, is there an equally easy method for compressing the backups once they have been created?

Assuming that you've been beat down enough about shrinking your database (if not let me know, I'd be happy to add my $.02)...

Native Backup Compression wasn't added until SQL Server 2008. So with SQL 2005 you need to look to a third party tool such as LightSpeed, HyperBac, SQL Backup (Redgate), etc.

If that won't work for you, you can use something like 7zip to compress the files after you write them to disk. Just make it another step in the job.