Cash Use Is Trending UP In Australia

Latest official data released yesterday by the RBA shows cash usage is trending up in Australia, despite banks continuing to restrict access to physical currency.

The total number of ATM cash withdrawals made in Australia jumped up by 767,600 (2.7%) to 29,438,600 in August 2024 from 28,671,000 in July, (seasonally adjusted) reported the Reserve Bank of Australia.

The above chart shows the number of ATM cash withdrawals is not on a downward slide and bumped up slightly last month.

For the last two years there have been about one million ATM withdrawals made in Australia each day.

Increasing numbers of ATM withdrawals are attracting a fee, as bank-owned ATMs disappear, indicating that Australians are willing to pay to access physical cash.

Total value of Australian banknotes on issue has also jumped up, by $162 million to $100.8 billion on 2nd October 2024, from $100.6 billion the previous week, according to the RBA Balance Sheet.

The above chart shows the total value of Australian cash notes in circulation remains over $100 billion, an historically high level, despite claims that Australia is moving towards a cashless future.

Jason Bryce, spokesperson for CashWelcome.org, said banks must respond to consumer demand and start to reopen their closed ATMs.

"Banks continue to close down our access to cash but Australians are clearly looking for ATMs, travelling further to get cash and paying fees to access their money," said Jason Bryce.

"Cash has properties that no other payment method can match, like privacy, reliability, ease of budgeting and instant settlement; these are clearly valued highly by consumers," said Jason Bryce.

"Banks have no excuse for continuing to close branches and ATMs while Australians want and expect to be able to get cash.

"Banks often say they are responding to what consumers want. This data shows consumers want cash."

Cash Welcome is a campaign to protect our right to choose how we pay, backed by donations from consumers, business and the cash industry. I have a petition that has attracted over 190,000 signatures.

https://www.change.org/SayNOtoCashlessAustralia

Cash Welcome is calling for:

1) Banks to guarantee local access to cash.

2) Retailers guarantee we can use cash to buy food, medicine and fuel.

3) Large retailers ensure no less than 40% of checkout terminals accept cash.

4) Large retailers lift restrictions on EFTPOS cash-out up to $500 with no purchase or fee.

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