The powers that be may say cashless is the way of the future, but new figures suggest Aussies are far from ready to do away with good old fashioned bank notes.
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According to Reserve Bank of Australia ATM cash withdrawal statistics, Australians made 29.4 million withdrawals totalling $8.7 billion in May. This is down only slightly from 30.7 million withdrawals in May last year for a total of $8.8 billion.
The survey says
In a recent survey of more than 7000 people by the cash industry, more than 60 per cent of retail shoppers listed cash as their preferred payment method in retail settings. Debit cards were the next most popular option, followed by credit cards and mobile phones.
It also showed more than 99 per cent of respondents support people's legal right to choose to pay cash for food and essentials and they are concerned about the possibility of a cashless society.
Each month Australians make about 30 million ATM cash withdrawals. The number has not changed significantly since early 2022, which saw the end of COVID lockdowns in NSW and Victoria.
A petition asking for a guaranteed right to use and access cash and banking services is currently circulating and has collected more than 117,000 signatures.
An essential role
The figures have been released following the Australian Competition and Consumer Commission's decision to approve the proposed merger of Australia's two major cash in transit operators Armaguard and Prosegur.
The approval was granted with conditions ensuring potential for the distribution of cash will not be disrupted and recognises the essential role physical currency plays in the lives of Australians and the economy.
CashWelcome.org spokesman Jason Bryce said cash is essential to the economy and relied on by millions of Australians each day.
He said cash is private, surcharge free and works when power, internet and computer systems fail.
"We all like to tap and go but if people aren't able to freely withdraw cash whenever they want, confidence in digital systems evaporates," he said.
Know your rights
It is legal for a business to not accept cash, but according to the commission, businesses should be clear about the types of payments they accept and total minimum price payable for goods and services.
Under law, surcharges must not exceed the amount it costs a business to use a payment type. If the business does not provide a way for customers to pay without a surcharge, it is required to include the surcharge in the displayed price.
To sign the petition click here.
An earlier version of this story incorrectly attributed the survey to the Australian Competition and Consumer Commission. The Senior apologises for the error.
