RBA Reports Cash Withdrawals Continue to Rise

The Reserve Bank of Australia today reported payments data to February 2024 showing that ATM cash withdrawals continue to rise (seasonally adjusted).

There were 30,859,700 ATM cash withdrawals made in Australia during February, up by 166,400 withdrawals from January 2024 (0.5%) and up by 1,090,200 withdrawals when compared with February 2023 (3.6%), according to the RBA.

Australians withdrew more than $9.5 billion (in total) during February 2024, an average withdrawal of $308. Twelve months ago the average ATM withdrawal was $292 (in February 2023).

"The number of ATM cash withdrawals continues to rise," said Jason Bryce, founder of the Cash Welcome campaign and a growing petition asking for mandated cash acceptance and access.

"Australians clearly want to access and use cash.

"Banks can no longer claim that Australians don't want access to physical currency as an excuse for closing branches and ATMs.

"Banks profit from digital payments through merchant service fees and card surcharges plus the collection of valuable transaction data.

"Only cash is reliable, private and surcharge-free. Without cash as a payment option, there is no competitive pressure on the banks to rein in their rising fees."

"Retailers also have a responsibility to ensure cash users can purchase food and essential groceries," said Jason Bryce

The RBA payments data shows that cash usage is not plummeting. The number of cash withdrawals has been consistently around the one million per day level for two years.

"Retailers also have a responsibility to ensure cash users can purchase food and essential groceries," said Jason Bryce

RBA balance sheet data shows a strong rise in the amount of cash circulating in the community.

On the 3rd of April 2024, there was over $101.5 billion worth of Australian bank notes on issue, up from $100.99 billion on the 6th March 2024.

The total value of cash on issue has risen by more than one billion dollars since the media declared Australia had hit "peak cash" (in July 2023).

"Media stories about an impending 'cashless society' attract clicks and readers because so many Australians are concerned," said Jason Bryce.

71 per cent of Australians are worried about a cashless Australia, according to a survey paid for by Waave, a digital payments app.

"Cash is not disappearing and people continue to want cash," said Jason Bryce.

An online petition calling for government action to protect access and acceptance of cash has now collected more than 174,000 signatures.

https://www.change.org/BankingAndCashGuarantee

Jason Bryce
0428 777 727
[email protected]