‘Cash Can’t Crash’: Why Physical Money Is Here to Stay

Published on June 16, 2024

It’s said money talks, but the conversation about a cashless society has grown “coinvoluted.” From credit and debit cards, to digital wallets on mobile phones—the ways Australians now choose to pay has sparked questions about whether cash is becoming obsolete. While research suggests it may well be, business Professor Steve Worthington says it’s not. “I don’t see cash withering away within the next couple of decades,” he told AAP. Cash was used in 13 percent of all payments in Australia in 2022, according to RBA data, which “partly reflects the impact of the COVID-19 pandemic on people’s payment behaviour.”...

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