The latest official data released yesterday by the RBA shows cash usage is trending up in Australia, despite banks continuing to restrict access to physical currency.
The total number of ATM cash withdrawals made in Australia jumped up by 767,600 (2.7%) to 29,438,600 in August 2024 from 28,671,000 in July, (seasonally adjusted) reported the Reserve Bank of Australia.
The total value of Australian banknotes on issue has also jumped up, by $162 million to $100.8 billion on 2nd October 2024, from $100.6 billion the previous week, according to the RBA Balance Sheet.
Jason Bryce, spokesperson for CashWelcome.org, said banks must respond to consumer demand and start to reopen their closed ATMs.
"Banks continue to close down our access to cash but Australians are looking for ATMs, travelling further to get cash and paying fees to access their money," said Jason Bryce.
"This data proves that Australian bank customers continue to want cash even when their local bank branches and bank-owned ATMs are closed.
"Banks have no excuse for continuing to close branches and ATMs while Australians clearly want and expect to be able to get cash.
"Banks often say they are responding to what consumers want. This data shows consumers want cash so I expect to see the big banks start to reopen many of their closed ATMs."
Cash Welcome is a campaign to protect our right to choose how we pay, backed by donations from consumers, business and the cash industry. I have a petition that has attracted over 190,000 signatures:
Cash Welcome is calling for:
1) Banks to guarantee local access to cash.
2) Retailers guarantee we can use cash to buy food, medicine and fuel.
3) Large retailers ensure no less than 40% of checkout terminals accept cash.
4) Large retailers lift restrictions on EFTPOS cash out up to $500 with no purchase or fee.
Key Facts:
ATM cash withdrawals are UP in August by 2.6% (RBA)
Total banknotes on issue is UP to $100.8b, from $100.6b (RBA)
About us:
Jason Bryce
0428 777 727
[email protected]
Contact details:
Jason Bryce
Cash Welcome
0428 777 727
