Cash usage continues to trend UP
This story appeared in PayDayNews
Reserve Bank of Australia data shows no trend away from using cash, despite banks withdrawing branches, ATMs and support for cash access.
May’s retail payments numbers suggest consumers are seeking out ATMs when bank branches become unavailable. ATMs are the dominant way Australians access cash, with the vast majority now charging fees.
The total value of cash withdrawals made in Australia rose by $231 million in May 2026 to $12.43 billion, from $12.2 billion in April, reported the RBA.
ATM withdrawals climbed by $179 million to take monthly ATM withdrawals to $9.41 billion, from $9.23 billion in April 2026.
Over-the-counter withdrawals made in a bank branch rose in May by $26 million to $2.36 billion, from $2.33 billion in April.
eftpos cash outs were up in May by almost $26 million to $655 million from $629 million in April.
Five years of cash usage trending up
Over the last five years the value of total monthly cash withdrawals is up 6 per cent from $11.7 billion in June 2021 to $12.4 billion in May (the latest data available from the RBA).
Monthly ATM cash withdrawals are up 14 per cent by value in the five years since June 2021.
Over the counter bank branch withdrawals are down 13 per cent over five years with eftpos cash outs also slightly down by 12 per cent since June 2021.
Total cash in circulation continues to grow
Last week there was $107.3 billion worth of Australian banknotes on issue, up 12 per cent from $95.7 billion in June 2021.
The above chart shows the RBA Balance Sheet since June 2021. Weekly cash issuance (orange line) is mostly above zero meaning more new notes are being issued than old notes being withdrawn. The result is a growing mountain of Australian cash (blue lines) circulating in the economy, now valued at more than $107 billion.