Skip to content

Optus outage proves Australia needs a cash gurantee

CashWelcome.ORG 2 mins read

Thursday 9th November 2023:

Millions of Australian consumers and businesses were left without the ability to make or accept payments on Wednesday 8th November.

Today Minister for Communications Michelle Rowland announced a government inquiry into yesterday's Optus outage.

The senate and the Victorian government have also announced inquiries.

"Power, internet and EFTPOS systems can all fail and leave us stranded," said Jason Bryce, co-ordinator of the Cash Welcome campaign.

"Only cash is reliable 24 hours per day, 365 days per year.

"They can't build a reliable cashless payments system that is always online so banks need to stop closing branches and ATMs.

"Government now needs to step in and ensure we can access and use cash, just as the UK, many states in the USA and the European Union have done.

"When cash is not available or widely accepted, Australia is vulnerable to outages," said Jason Bryce.

"Thousands of businesses lost sales yesterday and Optus, rightly, faces possible compensation claims but the bigger issue remains - cash needs to be available to protect us from outages.

"Banks enjoy a special place at the heart of our economy. No Australian can get paid without a bank account so banks have an obligation to provide us with local cash access.

"Other nations protect their citizens' right to choose cash and now the Australian government must also mandate cash acceptance, or require banks to provide us with access to our own cash.

"I have a petition with 130,000 signatures (and growing daily) calling for a legal right to choose cash and access cash.

Last month APRA confirmed Australia lost another 424 bank branches in the last 12 months and 718 bank-owned ATMs.

CashWelcome.ORG is a campaign supported by donations from the public and industry. We work in co-operation with the ATM Industry Association.

More comments and information:

Jason Bryce, Cash Welcome 0428 777 727 Jason@CashWelcome.ORG

Sandra Smith, ATM Industry Association    0424 300 660

Contact details:

Jason Bryce

Co-ordinator, Cash Welcome campaign

More from this category

  • Banking, Finance Investment
  • 11/04/2024
  • 09:00
UNSW Business School

Why learning the financial skills to power your small business idea might be easier than you think

Australian finance educator Dr Kristle Romero Cortés is urging the people behind Australia’s small-to-medium enterprises (SMEs) to take their financial literacy into their own…

  • Contains:
  • Banking, Energy
  • 11/04/2024
  • 00:05
Climate Energy Finance


New analysis released today by independent think tank Climate Energy Finance reveals only 7%* of the Big 4 banks' collective $385bn sustainable finance target (SFT) by 2030 is directed to financing renewable energy and hard to abate industries, with the vast majority of their climate-related capital – between 44% and 72% – channelled into the low hanging fruit of business-as-usual ‘green buildings’ that meet minimum energy efficiency regulations. This pivotal finding demonstrates that there is an enormous gap in banks’ financing of emissions reduction in key sectors including energy, transport and hard to abate industries. It puts Australia behind in…

  • Banking
  • 10/04/2024
  • 09:55
MyState Bank Foundation

MyState Bank Foundation launches community grants

MyState Bank Foundation launches community grants MyState Bank Foundation, together with women’s employment advocate, Dress for Success has launched the MyState Foundation Community Grants for 2024. Applications for the 2024 MyState Foundation Grants are now open to Tasmanian charitable organisations to help to build a brighter future for young Tasmanians.There are grants ranging from $1000 to $10,000 up for grabs this year plus the introduction of two major community partnerships of up to $50,000 each for youth programs focused on education and social connection. MyState General Manager of People and Community, Janelle Whittle says the community grants have been supporting…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.