Cashless Society myth busted as withdrawals UP

Tuesday 8th August 2023:

The number of ATM cash withdrawals continues to rise in Australia, despite contracting bank branch and ATM networks and never-ending predictions of an impending cashless society.

There were 29,677,600 ATM cash withdrawals made in Australia in June, the RBA reported today.

That's up 1.6 per cent from May's 29,212,500 withdrawals.

"Australians are voting against the cashless society with their wallets and keeping their physical wallets," said financial journalist Jason Bryce who started a petition asking for a guaranteed right to cash.

"Access to cash is now a serious issue. Anyone can be left stranded by internet outages, online hackers, system problems, flat batteries, lost phones.

"Australians need the right to choose how we pay for food and essentials mandated by law. Our right to access cash and banking services in our local communities is important to economic inclusion," said Jason Bryce.

"Cash is national economic infrastructure. Going cashless is privatising our money so of course there are fees," said Jason Bryce.

"The average household is probably paying about $1500 per year in card surcharges if they are tapping their phone to pay for everything." 

Cash is returning to its traditional use as an easy quick, surcharge-free way to pay for goods and services from the pandemic related hoarding of 2020 and 2021.

The amount of cash on issue in Australia is still above $100 billion. The industry believes 'peak cash' has not yet been seen. Cash use is not falling despite reductions in the numbers of branches dealing in cash and big reductions in the numbers of bank-owned ATMs.

“Cash use is resilient because cash is reliable, private, surcharge-free and great for budgeting," said Sandra Smith from the ATM Industry Association.
 
“Retailers are not, by and large, going cashless and consumers, including young people, are working out that it’s too easy to tap your money away.

“Cashless transactions are convenient but everyone needs cash at some time."

Jason Bryce [email protected] 0428 777 727

Sandra Smith [email protected] 0424 300 660