Australians to withdraw massive cash sums in this movement: 'Banks need to give us access'
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In the era of technology, digital transactions are becoming the norm.
Yet, a significant number of Australians are preparing to make a bold statement in support of physical currency.
This movement goes beyond nostalgia; it's a protest against the relentless march towards fully digitised payment systems and the possibility of a cashless society.
Today marks a nationwide event known as Cash Out Day.
Cash advocates are directed to withdraw large sums of money from banks and automatic teller machines (ATMs).
Cash Out Day should send a powerful message to banks and policymakers that cash should remain a viable and legal tender in Australia.
Jason Bryce, the founder of the advocacy group Cash Welcome, spearheaded the initiative.
Bryce believed that Cash Out Day could be an opportunity for Australians to assert their right to use cash.
'Physical cash is our legal tender, banks need to give us access to our cash, and all retailers must accept cash,' Bryce stated.
The said event could draw participation from around two million Australians, who will collectively withdraw significant amounts of cash.
Last year, the Cash Out Day initiative saw long queues at ATMs and images of participants proudly displaying their withdrawn cash.
While the exact total amount withdrawn was not officially confirmed, the pro-cash community reported a collective figure of around $500,000 in cash.
In light of the event, the Australian Banking Association (ABA) shared its sentiment about the advocacy group's initiative.
The ABA stated that there was 'no material difference in withdrawals of cash' during last year's Cash Out Day, and there should not be a significant difference this year.
However, the ABA reassured Australians that cash will continue to be available and accessible, even as the use of cash declines.
According to the Reserve Bank of Australia (RBA), 70 per cent of consumer payments were made with cash in 2017.
However, cash payments have plummeted to 13 per cent in 2022.
The ABA forecasted that this could drop to four per cent by 2030.
However, cash remains an essential payment method for approximately seven per cent of Australians, who rely on it for 80 per cent of their transactions.
Cash remains an essential mode of payment for seniors and regional and rural communities.
The tangible nature of cash transactions helps people manage their spending more effectively than tap-and-go digital payments.
Moreover, cash transactions avoid the possible surcharges on small transactions when using card payments.
Access to cash has become more challenging as 339 bank branches have closed in 2023 and 2024.
However, a few weeks ago, Westpac branches in regional locations should reopen soon as a response to community needs.
Recognising the importance of cash for Australians, the government proposed a mandate to keep cash as a payment option for essential items and services by 1 January 2026.
This mandate should cover supermarkets, department stores, utilities, petrol stations, mechanics, pharmacies, GPs, and pet stores.
Cash Out Day is more than just a protest; it's about the freedom to choose how to spend money.
Jason Bryce encouraged everyone to participate by withdrawing cash and keeping it on hand.
So, it's time to be part of a movement that could champion Aussies' financial choices.
Are you joining this initiative? What do you think about Cash Welcome's advocacy for cash usage? Share your thoughts and opinions about financial options in the comments section below!
Yet, a significant number of Australians are preparing to make a bold statement in support of physical currency.
This movement goes beyond nostalgia; it's a protest against the relentless march towards fully digitised payment systems and the possibility of a cashless society.
Today marks a nationwide event known as Cash Out Day.
Cash advocates are directed to withdraw large sums of money from banks and automatic teller machines (ATMs).
Cash Out Day should send a powerful message to banks and policymakers that cash should remain a viable and legal tender in Australia.
Jason Bryce, the founder of the advocacy group Cash Welcome, spearheaded the initiative.
Bryce believed that Cash Out Day could be an opportunity for Australians to assert their right to use cash.
'Physical cash is our legal tender, banks need to give us access to our cash, and all retailers must accept cash,' Bryce stated.
The said event could draw participation from around two million Australians, who will collectively withdraw significant amounts of cash.
Last year, the Cash Out Day initiative saw long queues at ATMs and images of participants proudly displaying their withdrawn cash.
While the exact total amount withdrawn was not officially confirmed, the pro-cash community reported a collective figure of around $500,000 in cash.
In light of the event, the Australian Banking Association (ABA) shared its sentiment about the advocacy group's initiative.
The ABA stated that there was 'no material difference in withdrawals of cash' during last year's Cash Out Day, and there should not be a significant difference this year.
However, the ABA reassured Australians that cash will continue to be available and accessible, even as the use of cash declines.
According to the Reserve Bank of Australia (RBA), 70 per cent of consumer payments were made with cash in 2017.
However, cash payments have plummeted to 13 per cent in 2022.
The ABA forecasted that this could drop to four per cent by 2030.
However, cash remains an essential payment method for approximately seven per cent of Australians, who rely on it for 80 per cent of their transactions.
Cash remains an essential mode of payment for seniors and regional and rural communities.
The tangible nature of cash transactions helps people manage their spending more effectively than tap-and-go digital payments.
Moreover, cash transactions avoid the possible surcharges on small transactions when using card payments.
Access to cash has become more challenging as 339 bank branches have closed in 2023 and 2024.
However, a few weeks ago, Westpac branches in regional locations should reopen soon as a response to community needs.
Recognising the importance of cash for Australians, the government proposed a mandate to keep cash as a payment option for essential items and services by 1 January 2026.
This mandate should cover supermarkets, department stores, utilities, petrol stations, mechanics, pharmacies, GPs, and pet stores.
Cash Out Day is more than just a protest; it's about the freedom to choose how to spend money.
Jason Bryce encouraged everyone to participate by withdrawing cash and keeping it on hand.
So, it's time to be part of a movement that could champion Aussies' financial choices.
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