RBA reports Cash is Back in Style
Announcement posted by Cash Welcome 12 Jan 2022
Today, new data released by the Reserve Bank of Australia shows cash withdrawals are trending UP in Australia.
The latest numbers on ATM withdrawals (to end of November) have just been released by the RBA, showing that in November 2021 there were 29,789,400 ATM cash withdrawals made in Australia, up 981,800 from 28,807,600 in October.
"Today's data from the Reserve Bank shows that cash usage is recovering in Australia," said Jason Bryce, spokesperson for the Cash Welcome.org industry campaign.
"There is no trend towards a cashless society and despite the growing number of ways to make cashless transactions the use of cash is actually increasing.
"After an initial scare about cash and COVID, we have learnt that cash is just as safe as using cards and phones to pay.
"There is clearly a backlash against high card surcharges, lack of privacy, lack of reliability and the difficulty people have with budgeting when using a phone to make purchases.
"Over the last three months, monthly cash withdrawals are up almost five million per month, despite the impact of the Omicron wave and restrictions in the biggest states," said Mr Bryce.
The total value of cash notes currently in circulation in Australia is steady at record high levels of almost $103 billion.
"Never has there been more cash in Australia," said Mr Bryce.
"The complete myth of the cashless society, promoted by card companies, phone companies and financial institutions is dead.
"Retailers are choosing to accept cash again and Australians are voting with their wallets and returning to using cash.
"Even if people don't use cash everyday, they have confidence in the whole system because they know they can convert their bank account balances to cash if they choose.
"Using cash is now the new, new thing. Cash is back in style."
Jason Bryce, Finance Journalist - media@cashwelcome.org +61 428 777 727
Sandra Smith ATM Industry Association sandra.smith@atmia.com +61 424 300 660
CashWelcome.ORG is a campaign giving a voice to the millions of Australians who trust and rely on cash. CashWelcome.org is supported by the cash industry and works in co-operation with the ATM Industry Association.