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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Australians are not pushing for an end to easy, convenient access to cash. Financial institutions and vested interests might be incentivised to promote cashless transactions but Australians want to the right to choose the way we pay at the point of sale. The number of ATM cash withdrawals is rising just slightly in Australia, despite contracting bank branch and ATM networks.
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Cash remains the most popular way to pay in Australia The value of total banknotes (cash) on issue has not hit “peak cash” and can be expected to continue to rise into the future. Pandemic hoarding led to a big increase in 2020 and 2021 in the total value of notes on issue and that is now being deposited back into the banking
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Today’s ACCC decision recognises that cash is essential to millions of Australians Tuesday 13th June 2023 Today’s Australian Competition and Consumer Commission decision to approve (with conditions) the proposed merger of Australia’s two big Cash In Transit operators recognises the essential role physical currency plays in the economy and lives of millions of Australians. The ACCC’s major concern in making this decision was the potential for
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Last week the RBA’s systems failed leaving thousands of Australians without fast personal payments. The New Payments Platform powers OSKO real time payments that are used by many Aussies to send money to other people via their phone number or email address. The Reserve Bank said in a statement that an error occurred during a planned change to the software
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Over 6,000 Aussies have completed the CashWelcome survey about the Reserve Bank of Australia’s trial of a central bank digital currency – an online $A. And the results so far speak for themselves: People don’t see the need for a central bank digital currency in Australia (what exactly is the problem that is being solved by this?) and are concerned that this
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Respected banking industry newsletter BankingDay.com reported that the two major Cash In Transit operations in Australia – Armaguard and Prosegur will merge. Armaguard confirmed the deal had been agreed between the two companies. Yes there are a few small operators in the armoured truck and cash delivery marketplace but these two companies are the major dominant players. One large operator
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ATM cash withdrawals are trending up and there’s more cash on issue than ever before. New data from the Reserve Bank of Australia reveals the number of ATM cash withdrawals is trending up in 2022. The value of cash withdrawals is stable, indicating that cash is being withdrawn for daily use, not for hoarding. RBA data also shows the total amount of cash on
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Afterpay Day is a promotion of buy now pay later debt running from Thursday 17th to the 20th March. Consumers can win prizes, get discounts or exclusive ‘drops’ if they choose to BNPL debt rather than paying outright for purchases. Afterpay and other BNPL lenders charge retailers 4 per cent (or more) and ban them from recovering the fee from consumers. Yesterday, the Buy
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