Latest news with #CashOutDay
News.com.au
02-05-2025
- Business
- News.com.au
Nationwide cashless protest flops early figures show
A nationwide protest calling for Aussies to withdraw large sums of cash and stand up against Australia's shift towards a cashless society, didn't quite make the impact it had hoped, early figures suggest. Two million Aussies were expected to withdraw cash from banks and ATMs on Tuesday April 22 – a day dubbed Cash Out Day – to send a clear message there is still a demand for cash. 'Cash Out Day is our chance to show the banks and politicians that Australians expect to be able to access and use cash,' Jason Bryce, founder of Cash Welcome, told 7News last week. 'Physical cash is our legal tender, banks need to give us access to our cash and all retailers must accept cash.' However, understands preliminary figures from three of the four major banks show that cash withdrawals on Tuesday April 22 were 20 to 30 per cent lower than Tuesday the week prior. Withdrawals were also lower than those recorded on Tuesday April 2, 2024 – the date of last year's Cash Out Day protest. Ms Bryce said last year's Cash Out Day was a 'major success', claiming there was a $500 million jump in the value of banknotes on issue on and around April 2, 2024. In a petition promoting this year's protest, he wrote ATM companies and banks noticed 'a big spike in the numbers of withdrawals' during last year's event. 'They got the message that millions of Australians do NOT want cash to disappear.' The Australian Banking Association (ABA) said last year there was 'no material difference in withdrawals of cash' on April 2. 'Whilst Australians are using less and less cash, we are not going to be cashless,' an ABA spokesperson said at the time. Speaking to Mr Bryce said the recent passing of Pope Francis may have impacted awareness of this year's protest. 'Cash Out Day this year was overshadowed by the sad news of the death of Pope Francis, I had many interviews bumped on the morning so that was possibly a factor,' he told Mr Bryce also suggested the government's cash mandate – which is set to come into effect in 2026 and will require businesses to accept cash for 'essential items'- could have impacted the protest. '97 per cent of Australians support a government cash mandate, which was announced after last year's Cash-Out Day, so the same urgency about this issue is not around this year,' he said. The incoming cash mandate will likely apply to supermarkets, pharmacies, dentists, GPs, hardware stores, insurers, pet stores, vets, service stations and mechanics. Speaking about the mandate in December, Assistant Treasurer Stephen Jones said cash was a 'lifeline' for many Australians. 'Mandating cash for essential purchases means those who rely on cash will not be left behind,' he said. While this year's Cash Out Day protest didn't exactly have its desired effect, Mr Bryce is continuing to push for Australians to have access to cash. 'What the government decides in 2025 is going to be the way we pay for things for a long time,' he said. 'The banks must accept their responsibility for paying for cash distribution and retailers simply need accept cash. The system only works efficiently when cash is circulating. Notes in pockets and change in tills makes the economy goes round.' 'Australians using less and less cash' Statistics from the Reserve Bank of Australia (RBA) show that in 2010 more than 60 per cent of purchases were made with cash compared to just 13 per cent in 2022. By 2030, cash usage is projected to drop to just four per cent, ABA reports. 'We are, as Australian(s) using less and less and less cash,' ABA chief executive Anna Bligh told 2GB last week. Ms Bligh added the predicted drop in cash use by 2030 has 'massive implications for what our branches are doing'. 'If people aren't coming in anymore to withdraw or deposit cash, then that really changes you know what a branch is and what it might look like in the future.' About 36 per cent of bank branches in regional Australia have closed since 2017. The Big Four banks earlier this year agreed not to close any more regional branches until at least 2027 under an agreement with the government. 'Part of the reason for that is to sit down with the Government, with Australia Post and to think that what is it that people still need face-to-face services for? Because increasingly, it's not cash,' said.
7NEWS
24-04-2025
- Business
- 7NEWS
Cash Out Day Australia: Key voice for physical currency concedes event may have fizzled amid ‘unprecedented transformation'
One of Australia's most high-profile cash advocates has conceded a nationwide protest aimed at keeping physical currency alive may not have lived up to expectations and believes major global news could be partly to blame. Cash Welcome founder Jason Bryce spruiked 'Cash Out Day' on April 22 as a chance to show banks and politicians that Australians 'expect to be able to access and use cash', and hoped ATMs would run hot as people dropped some money back into their wallets and purses. Reserve Bank figures show about one million Australians withdraw notes every day, but Bryce was predicting that could double in what would be 'a resounding vote 'no' to the prospect of a cashless future'. Two days on from Cash Out Day 2025, Bryce conceded it was unlikely to have reached that number or the heights of 2024, when there was a strong reaction on social media. He told the death of Pope Francis may have been a factor, given he was bumped from several planned media interviews he had lined up to promote the event. Bryce is waiting for updated Reserve Bank figures to see if there was any significant uptick in the number of withdrawals and is hopeful it was enough to reinforce to the government that cash remains important. There was 29.62 million cash withdrawals in Australia in April, 2024, when last year's event was held. The Australian Banking Association (ABA) said there 'no material difference in withdrawals of cash' at the time. Bryce also said that the government's proposed cash mandate for essential services and items may have taken away a sense of urgency among those in cash's corner. The mandate will likely apply to supermarkets, department stores, utilities, petrol stations, mechanics, pharmacies, GPs, and pet stores. Bryce said this was 'very welcome', but wants it to be more broadly applied, with fewer exemptions. Given the increasing costs to keep cash viable, Bryce is also keen to see authorities deliver a sustainable cash distribution system. 'Many Australians want or need to use cash and the RBA will ensure that cash remains a means of payment as long as that is the case,' a Reserve Bank (RBA) spokesperson told Seven per cent of Australians - more than 1.5 million people - use cash for 80 per cent of in-person transactions, but the use of notes and coins is on the way down. About 70 per cent of consumer payments were made with cash in 2017, but that plummeted to just 13 per cent in 2022, according to the RBA. It is expected to drop to just four per cent within five years. Physical money has been harder to access too, with hundreds of bank branches and thousands of ATMs closed in recent years. 'Biggest transformation in the history' ABA chief executive Anna Bligh said the way Australians bank 'is undergoing probably the biggest transformation in the history of the country, and that is changing pretty much everything'. 'It's changing how we pay for things, how we pay bills, how we transfer money to our family, and what we need or don't need in a branch anymore,' she said this week. 'So probably the biggest activity that most Australians use branches for throughout the history of banking, has been going and depositing or withdrawing cash. 'We are, as Australian, using less and less and less cash.' She said a move away from physical currency to digitised banking has 'massive implications for what our branches are doing'. 'If people aren't coming in anymore to withdraw or deposit cash, then that really changes what a branch is and what it might look like in the future,' she said. The big four have agreed not to close any more regional locations until at least 2027. 'Part of the reason for that is to sit down with the government, with Australia Post, and to think (about what it is) that people still need face-to-face services for, because increasingly, it's not cash,' Bligh said.
Daily Mail
22-04-2025
- Business
- Daily Mail
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 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.
Yahoo
18-04-2025
- Business
- Yahoo
Fresh act of defiance against Australia's cashless society: 'Drain the ATMs'
Australians passionate about keeping cash alive are intending to drain ATMs across the country next week. This is the latest of many similar grassroots protests that occurred last year to hit back against the cashless revolution. A poll of 7,300 Yahoo Finance readers found a whopping 93 per cent are terrified of Australia becoming a cashless society. Cash Out Day is meant to send a signal to banks and financial institutions that, despite digital payments becoming the overwhelming favourite, cash still has a place at the table. "Use [cash] or lose it,' cash advocate Jason Bryce told Yahoo Finance. 'Let's keep cash alive. It's like a vote. It's almost like we're voting to keep cash on Tuesday.' New cashless upgrade set to change the way Aussies shop ATO warning for every Aussie who plays lottery after $70 million Oz Lotto jackpot Rare 50 cent coin worth 80 times more: 'Keep your eyes out' The campaign to draw out as much cash as possible on a single day originated on social media. People organised Cash Out Days in several countries and the Australian contingent gained a lot of attention. The National Seniors Association has been a fierce backer of the movement. The Association's CEO Chris Grice was one of many who took part in the protest last April to stand up for older Aussies who might not be able to cope without cash.'The move towards a 'cashless society' will disproportionately impact seniors and vulnerable people who may struggle with technology and online banking, highlighting concerns about digital exclusion," he said. 'Many seniors are not comfortable banking online because they're not tech savvy, and they're concerned about online and credit card scams. 'In many cases, cash is all they're familiar with, and is their only way to make financial transactions.' When these days have taken place, social media has been flooded with pictures and videos showing long lines running out of Aussie banks. Yahoo Finance asked the Australian Banking Association (ABA) whether April 2024's protest did much in terms of moving the needle. 'Across the industry, there was no material difference in withdrawals of cash [on April 2],' a spokesperson told Yahoo Finance. In a broader sense, advocates hope that these types of protests will show that cash is still being used around Australia. According to the Reserve Bank of Australia's (RBA) latest data, 72 per cent of Aussies are classed as low-cash users, meaning they used physical money for 20 per cent or less of their transactions. Back in 2019, low-cash users made up only 50 per cent of people in the country. Conversely, only 7 per cent of the population are classed as high-cash users, who use physical money for 80 per cent of their transactions, which is half the number recorded in 2019. The RBA found that only 13 per cent of all transactions in Australia were made using cash, with electronic payment methods making up the other 87 per cent. This gradual transition to digital payments, like using a card, smartphone or device, comes at the same time as banks reduce their physical footprint in the country. Hundreds of branches have closed in recent years as customers now do the majority of their banking needs online. While the Big Four have signed a moratorium to keep regional branches open until 2027, it's not known what will happen after that agreement ends. While cash protestors try to protect physical currency, the government is doing its bit to ensure Aussies aren't caught out when using essential services. It hopes to introduce a law on January 1 next year that forces certain businesses to always carry and accept cash as payment. It's unclear exactly what those businesses will be, however a discussion paper released last year hinted that the following would be on the list: Supermarkets Pharmacies Dentists GPs Hardware stores Insurers Pet stores Vets Service stations Mechanics Cafes, takeaways, bottle shops and hairdressers are likely to be exempt from the law, which would impose harsh penalties on non-compliance. Bryce has been largely supportive of the measure. "You need to be able to use cash to buy food, medicines and your essential groceries," he told Yahoo Finance. "Most of us think we have that right because we've heard the words 'legal tender' and it's written on our banknotes, and many people are shocked and dismayed when they can't use cash." It's an issue close to people's hearts, as a poll of 18,300 Yahoo Finance readers showed 88 per cent believe businesses should be forced to accept and carry cash. The ABA issued a call for calm against those fearing you soon wouldn't be able to use cash anywhere in Australia. 'Whilst Australians are using less and less cash, we are not going to be cashless," the spokesperson told Yahoo Finance. "Australians don't need to change their behaviour when it comes to withdrawing cash, it will continue to be available and accessible to those who wish to use it.' RBA boss Michele Bullock believes a true cashless society is many years away. The central bank chief told a parliamentary meeting in Canberra back in February that cash was 'going to be around probably for another 10 years'. She admitted it was becoming more expensive and difficult to move cash around the country, but stood firm that the RBA was committed to ensuring physical remained a 'viable means of payment for as long as Australians want or need to use cash'. Bullock acknowledged it was used 'particularly during periods of economic uncertainty and can be a useful backup for electronic methods of payment'.Sign in to access your portfolio
