The Reserve Bank of Australia reports an extra $470 million worth of Australian banknotes were issued last week as Australians prepare for Christmas.
The total value of cash in circulation in Australia is approaching the all-time historical record of $104 billion set two years ago.
There is now $103.3 billion in Australian notes on issue, up almost $3 billion in six months.
There is no evidence of Australians turning away from cash. The number of ATM cash withdrawals remains steady at around one million per day, the same level for the last two years.
"Australians have embraced cash in 2024," said Jason Bryce, founder of the Cash Welcome campaign.
"The RBA data is clear, cash withdrawals are strong, the value of notes on issue is booming. 2024 is the year Australians said NO to the 'Cashless Society.'
"In the last two weeks, clearly Nana and Grandad have been withdrawing some pineapples ($50 notes) to put in Christmas cards and the total cash on issue has risen almost half a billion dollars."
"There is now no doubt that banks are pushing Australians to go cashless, not responding to changing consumer demands," said Jason Bryce.
The Australian Prudential Regulatory Authority and the Australian Payments Network reported Australia lost 926 ATMs in total over the last financial year and 8,326 in the last seven years.
Banks have removed 217 bank-owned ATMs in the last 12 months and a staggering 8,338 bank-owned ATMs in seven years.
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:
Key Facts:
An extra $470 million worth of Australian cash banknotes were issued last week, taking the total cash in circulation to $103.3 billion, approaching the all-time record of $104 billion, set two years ago.
About us:
Jason Bryce
0428 777 727
jason@cashwelcome.org
Contact details:
Jason Bryce
Cash Welcome
Backed by donations from the public, business and industry.
0428 777 727
