Australians May Need to Pay to Keep Using Cash: RBA Boss

Published on December 12, 2023

As more Australians use digital payments instead of cash, the Reserve Bank of Australia (RBA) emphasised the importance of keeping access to cash available, although users might have to cover the costs. Cash payments have decreased, dropping from 70 percent in 2007 to 13 percent in 2022. ATMs are still the go-to for getting cash, but their usage has decreased along with the closure of ATMs and bank branches. Despite this decline, RBA Governor Michelle Bullock said cash is still a crucial form of payment. “And it’s widely held for precautionary or store-of-wealth purposes,” she said during a speech in Sydney about modernising Australia’s payment system. ...

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