For the first time since the advent of dollars and cents, the total amount of cash is starting to fall.
The amount of cash in Australia has declined for the first time since dollars and cents were introduced in 1966, with the number and value of notes across the economy falling last financial year.
Despite the rise of touch-and-go, direct payment and debit cards over the past decade, the number of notes had been increasing. It soared during the COVID pandemic even though many retailers moved to contactless payment systems. The same survey showed that over the past three years, Australians halved the share of cash payments to just 16 per cent.
CommSec chief equities economist Craig James said notes were similar to cheques which earlier this year the government announced would be wound up as a payment system by 2030.He said the move by some banks to cashless branches was a sign of the technological change occurring across the payments system.“The demise of cash is more nostalgic I suppose….but older Australians and some communities will hang on to cash for a little while yet.
She said while these people would be most affected by the shift away from cash, there would be benefits as it would be more difficult for criminals to escape detection.
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