Most Australians don't understand the Reserve Bank of Australia's trial of a central bank digital currency.

Wednesday 19 October 2022:

Most Australians don't understand the Reserve Bank of Australia's trial of a central bank digital currency.* 

99 per cent of Australians say they want a government guarantee that cash will always be available, even if a digital $A is introduced, according to a big recent survey of more than 11,000 people.

95 per cent don't believe Australia needs a digital currency.

78 per cent say accessing cash is getting more difficult in their own local area.

ID theft, hacks, privacy, payment system outages, floods, fires, bank branch closures and card surcharges are all big issues at the front of mind for many Australians who fear a cashless society, according to more than 7,000 respondents who chose to write in their own concerns.

"Australians don't understand the RBA's trial of a digital currency and many clearly see it as the next step toward phasing out of physical currency," said Jason Bryce, spokesperson for the Cash Welcome campaign.

"Australians need to be informed about the need for an online currency and the research work now underway.

"In the absence of clear information, Australians may fear for the future of the physical currency.

"Digital money and payments are now provided by banking institutions. There is not a clearly articulated existing case for an RBA digital currency.

"There is little discussion currently about the future of money in Australia.

"Not having access to physical notes and coins is concerning to millions of Australians who don't believe that any digital payment system is invulnerable to outages and hackers.

"Privacy, budgeting and transaction fees are key issues for Aussies concerned about the future of cash.

"There is a clear and immediate need to explain the need for a central bank digital currency and guarantee the future of physical cash.

"And that means ensuring that cash is both available in all communities and accepted at merchants everywhere."

More information and comments:

Sandra Smith CEO ATM Industry Association 0424 300 660 [email protected] (Sydney)

Jason Bryce Cash Welcome Campaign Manager 0428 777 727 [email protected] (Melbourne)

Cash Welcome is an industry backed campaign providing a voice for millions of Australians who trust and rely on cash, working in co-operation with the ATM Industry Association.

Campaign website and online store: CashWelcome.ORG
Cash Welcome Blog: www.cashwelcome.au
Cash Welcome on Facebook.
ATM Industry Association

* A central bank digital currency trial was announced by the RBA and the Digital Finance CRC on 9 August 2022:
 

"Interested industry participants will be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses." (RBA Media Release 9/8/22)

Key findings:

11,672 Australian respondents aged 18 or over clicked through to answer ten questions from posts and advertisements on social media.

https://www.surveymonkey.com/r/DigitalAussieDollar

SurveyMonkey results: Does Australia need an online digital dollar?


1) Did you know the Reserve Bank of Australia has announced the trial of a central bank digital currency in Australia?

Yes  36.93%
No  63.07%


2) Are you clear about exactly what a central bank digital currency is?

Total clear 44.36%
Total less than clear 57.34% 


3) Do you know why the RBA is trialling a central bank digital currency in Australia?

Yes 42.9%
No 57.1%


4) Do you personally believe Australia needs a central bank digital currency?

Yes 0.58%
No 95.51%

5) Do you want to retain physical cash (notes and coins) as a currency in Australia?

Yes 99.70%
No 0.30%


6) Are you worried that physical cash (notes and coins) may become more difficult to access and use?

Yes 95.50%
No 3.16%

7) In your community (suburb, town) have bank branches and ATMs closed down, making access to physical cash more difficult?

Yes 78.46%
No 21.54%


8) In your community (suburb, town) have any retailers refused to accept cash or placed restrictions on cash payments?

Yes 55.79%
No 44.21%


9) Would you like a government guarantee that physical cash (notes and coins) will always be legal tender in Australia, even if a digital currency is introduced?

Yes 99.54%
No 0.46%

Question 10 asked respondents to leave their own comments. 7,898 people left comments like this:

I am extremely concerned by the push towards digital currency and believe this will further disadvantage vulnerable groups of people such as aged, homeless and unemployed. I stand strongly against this.

I strongly disagree in central bank digital currency! Cash must stay . Phone banking / digital banking is unsafe . We are continually having our power and choices taken away from us which seems scarier by the day. Please let us keep our cash not everyone is tech savvy and we shouldn’t have to be.

Power outages and non-internet access could create big problems. Remote services could also experience difficulties.

Installing a central bank digital currency leaves many people in our community vulnerable. It marginalises people with limited access to or familiarity with technology; it discourages families from managing their budget through setting aside cash for different payments, it removes anonymity from payments. Every person has a right to privacy; the more vulnerable are people in difficult domestic situations, whose every move could be tracked through a centralised digital currency - leading to increased tools which may be used against them through emotional and financial abuse. Gone would be pocket money for children, tooth fairy payments under the pillow, a few dollars for the musician trying to make a go of it on the streets of Fremantle. A soulless way to live, if we cannot give a physical payment to someone in reward and thanks for a job well done.

I totally oppose this completely unnecessary trial. I am going to use cash only.

It is important to have cash in case anything unforseen happens to electronic banking. There r many voluntry organisations that use cash and peopke like to give cash donations. Children learn the value of money with cash. [sic]

This is extremely important to keep cash a legal tender. People who live rurally will not be able to access their money due to internet restrictions. Children will no longer be able to buy food at a school canteen or earn pocket money. We don’t want your Chinese copy cat social credit system. No online currency