Australia's big banks can easily pay for their bank branches and can't just simply walk away from cash, according to new analysis from S&P Global Ratings, reported by BankingDay.com.
"We believe major bank ratings have ample headroom in their credit ratings to absorb the costs of unprofitable branches," S&P observed.
S&P cited CBA data, showing the group reported cash services cost $410 million last financial year, brought in $60 million in fees, for a net loss of $350 million.
" ... we believe political pressure prevents major banks from simply walking away from cash services," S&P said.
Commonwealth Bank (and the other three big banks) GAVE UP $503 million in ATM fee revenue in 2017.
Meanwhile ANZ Bank is approaching a 'cashless tipping point.'
ANZ Bank has transitioned most metro bank branches in Victoria to 'specialist hubs' providing no teller service or over-the-counter cash services to personal customers.
Almost half of all ANZ Bank's metro branches throughout Australia are now specialist hubs, reports The Regional.
"As of March 2025, ANZ is just a handful of branches away from the majority of its banks in the most populated areas of Australia being cashless," writes award-winning investigate banking journalist Dale Webster.
Nationally, 113 former ANZ branches are now ANZ Specialist Hubs, leaving just 127 ANZ metro branches offering teller services to personal customers.
Australia's big banks have now agreed to a temporary moratorium on branch closures but have already dismantled most of Australia's bank and cash networks.
There is no decline is demand for cash in Australia over the last three years.
The RBA balance sheet shows $103.259 billion worth of Australian banknotes currently on issue.
The value of banknotes on issue is not falling and remains historically high.
Consumer group CHOICE reported 97% of 13,000 Australians surveyed support a cash mandate and 80% use cash.
"There is no decline in demand for cash since the end of the COVID pandemic," said Jason Bryce, spokesperson for the Cash Welcome campaign.
"Big banks, ANZ Bank in particular, are clearly and obviously pushing us toward a cashless future.
"The RBA needs to stand up for our right to access cash from our bank in our local community.
"Banks want a cashless Australia, not business or consumers.
"Australians want the right to choose how we pay and we expect our banks to fulfil their agreements to distribute cash," said Jason Bryce.
I have a petition with over 200k signatures calling for a cash and banking guarantee:
https://www.change.org/BankingAndCashGuarantee
Key Facts:
ANZ Banks's Shayne Elliott to Tania Lawrence MP in House of Reps Economics Committee:
“When you say at the counter, all of our branches accept cash. Some do it only, though, through ATMs.”
(A 'bank branch' provides teller service to personal customers says APRA)
About us:
Jason Bryce
0428 777 727
[email protected]
Contact details:
Jason Bryce
Cash Welcome
Backed by donations from the public, business and industry.
0428 777 727
