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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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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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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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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The Parliamentary Joint Committee on Corporations and Financial Services is holding hearings on Friday 13 August 2021 into the use of credit cards to pay for online gambling. Committee Chair, Andrew Wallace MP has expressed his concern about the “cost consequences” on families from allowing the use of credit cards and digital wallets to fund online gambling. These concerns are shared by many submissions to the
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When I have cash in my pocket, I’m in charge. Don’t leave home without it.
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On Tuesday the 11th of May, the treasurer Josh Frydenberg will announce the budget and a new program to help separated and divorced parents buy a home called the Single Parent Family Home Guarantee. Singlemum.com.au got the details of the package early. The Single Parent Family Home Guarantee will support up to 10,000 divorced / separated parents (who have care of dependent
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