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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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 The value of cash withdrawals is stable, indicating that cash is being withdrawn for daily use, not for hoarding.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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USA based FIS issued a report predicting Australia would be largely cashless by 2024. FIS specialise in merchant payment solutions and supporting and securing cashless transactions. The FIS findings are not supported by real world data or readily available market information, for example: Last month, the Reserve Bank of Australia reported that, while cash’s share of payments has fallen, cash
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The Reserve Bank of Australia’s latest Quarterly Bulletin has rejected the idea of issuing a digital currency for Australia. Long held up as the future of the ‘physical’ currency, a digital currency is a verified token or account that could replace actual notes and coins without a bank or a card company involved. It’s real money online, issued by the RBA, worth
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The Reserve Bank of Australia recognised the essential role of cash in the economy in last week’s Payment System Board update: The PSB noted “the importance of the community continuing to have good access to cash withdrawal and deposit services, even as the overall use of cash for transactions declines.” However, unlike the RBNZ, the RBA does not propose concrete
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Reserve Bank of Australia documents released under Freedom of Information in June 2020 reveal the RBA has been investigating cash and virus transmission since way back in 2003. And it turns out cash poses no significant risk of carrying viruses. A senior researcher told his superior: “banknotes pose minimal risk of transmission of disease.” “die-off of microbial populations is more
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