The cashless society is a banker’s dream and governments seem to be fully supportive of the idea. Banks often claim that cash usage is declining – and they need to close branches and ATMs as a result. But that’s FAKE NEWS. Something changed in Australia during COVID. Australians turned back to cash and cash usage stopped declining. Over the last
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The words “cashless society” are deployed regularly in the media to generate immediate interest (and clicks). It’s so interesting to so many people because the Cashless Society is a trope, a theme, a prediction dating back thousands of years sparking both fear and excitement. What does the bible say about a cashless society? In the christian bible, (Revelation 13) the
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Existing published data underestimates the role of cash in Australia’s economy. The Reserve Bank of Australia’s triennial Consumer Payments Survey (CPS) reported that physical cash’s share of consumer payments has fallen dramatically to 13 per cent in 2022 (16% for in-person payments) down from 27 per cent in 2019. This number has been widely reported in the media but significantly
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The Australian cash industry ‘cannot be sustained in its current form,’ Armaguard has advised the ACCC. Now the Australian Competition and Consumer Commission (ACCC) has extended its authorisation to the big banks to to talk with industry “for the purpose of developing and evaluating urgent responses to support the viability of wholesale cash distribution and access to retail cash services.”
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Westpac has announced a moratorium on further regional bank branch closures until 2027. Westpac’s Jason Yetton has posted a YouTube video where he highlights the importance of face-to-face service, cash and bank branches to towns and rural communities. Which is kinda weird because Westpac has closed at least 195 branches outside the capital cities in recent years. “When I talk to
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Prime Minister Anthony Albanese today announced a new $925 million Leaving Violence Program featuring $5,000 in funding for people leaving a domestic violence situation. The Prime Minister said his government is committed to ending family, domestic and sexual violence in a generation. “We want women to know if they need to leave they can afford to go,” said the PM.
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Bank customers who seek to withdraw large amounts of physical cash from a bank teller as increasingly being questioned about the reason for the withdrawal. There are plenty of viral videos on social media of people trying to withdraw their own money from their own account and being asked for more information by bank staff. I strongly don’t like arguing
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New research shows 71 per cent of Australians are concerned about going completely cashless – especially Baby Boomers, regional and lower-income Australians. “Research by payments technology company Waave found 41 per cent of Australians are “extremely concerned” about going cashless. Two-thirds say it will exclude people and exacerbate economic inequality, 58 per cent worry about paying more fees, and 42
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There are now three federal government or senate inquiries that affect cash and all three now have no alternative but to recommend ways to protect our right to use and access cash. While banks continue to restrict access to cash, Australians are continuing to find ways to get and use cash. The cashless society increasingly seems to be just a myth.
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Wednesday 20 September 2023: Today, Commonwealth Bank boss Matt Comyn insulted millions of Australians who use physical cash by implying they are being subsidised. However Australians have no choice but to open a bank account if they want to get paid from an employer, Centrelink or the Tax Office. This government mandate effectively subsidises and underpins Matt Comyn’s massive salary and the obscene profits of his dominant
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