Huge move to drain cash from every ATM in Australia: 'People power works'
Two million Australians are expected to withdraw money from an ATM today in a bid to prevent the country from becoming a cashless society.
The initiative, known as 'Cash Out Day', is led by Jason Bryce from advocacy group Cash Welcome and demands hard cash remain a viable payment option.
The first Cash Out Day was held last year, which Mr Bryce claimed sent a strong message to banks, leading many to commit to keeping branches open.
The protest was also followed by a government commitment to a cash mandate, set to take effect in January 2026.
Businesses will be required to accept cash when they sell essential items like groceries and fuel.
'People power works. We took a stand and showed how much popular support cash enjoys - and the politicians and banks responded,' Mr Bryce said.
'The cash mandate will allow 97 per cent of retailers to go cashless.'
He suggested the cash mandate should be extended to all retailers, not just those selling 'essential' goods and services.
Mr Bryce expects two million Australians will visit an ATM on Tuesday to withdraw money.
Last Cash Out Day, Cash Welcome estimated around 1.6 million people withdrew cash, totaling around $500million.
Cash use in Australia has steadily declined over the past decade, a trend that accelerated sharply following the Covid-19 pandemic.
According to Reserve Bank data, the number of in-person cash transactions halved between 2019 and 2022.
In 2019, cash accounted for around 32 per cent of transactions, but by 2022, that figure had dropped to just 16 per cent.
Currently, cash makes up about 10 per cent of all transactions, with projections suggesting it could fall to just 7 per cent by 2030.
Meanwhile, debit and credit card payments have remained strong, with debit card usage increasing over the same period.
Reserve Bank Governor Michele Bullock has previously commented on the future of cash in Australia.
Between 2017 and 2023, 37 per cent of all bank branches across Australia were closed.
In February, she predicted cash would likely remain in use for 'probably another 10 years' and urged policymakers to 'develop a sustainable system for distributing cash as usage continues to decline.'
Bank branches and ATMs have also seen a sharp decline, with 37 per cent of all bank branches closing between 2017 and 2023, with 59 per cent of ATMs shutting in the same time period.
Mr Bryce started a Change.org petition calling on the government to introduce an Australian cash and banking guarantee, which has gained over 200,000 signatures.
The petition calls for 'all Australians [to] have reasonable local access to cash and full banking services,' and insists that 'all Australians must be able to choose cash when paying for food and essentials at physical retailers.'
'Millions of Australian consumers and businesses trust and rely on cash for their everyday needs and for budgeting purposes,' the petition argues.
'Even Australians that don't attend banks or use cash regularly need access to face-to-face banking services and physical money sometimes,' it adds.
Cash Welcome and the Australian Banking Association were approached by Daily Mail Australia for comment.
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