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Why cash is making a surprising comeback in Australia—and your bank's chairman agrees

Michelle Engbino
By Michelle Engbino
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Offtopic / Everything else

Why cash is making a surprising comeback in Australia—and your bank's chairman agrees

Screenshot 2025-10-16 at 12.17.01.png Why cash is making a surprising comeback in Australia—and your bank's chairman agrees
Recent data reveals ATM withdrawals jumped 4.5 per cent in 2024 - the first sustained increase since before COVID. Image source: naipo.de / Unsplash. Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.

Just when you thought cash was heading for the history books, Australians are reaching for their wallets more than ever. Recent data reveals a remarkable turnaround that's catching banks and payment experts off guard.



The latest figures from the Reserve Bank show ATM withdrawals jumped 4.5 per cent in the year to May 2024, while withdrawal numbers increased by 767,600 between July and August 2024 alone. This represents the first sustained increase in cash usage since before the COVID-19 pandemic.





CBA's chairman backs cash for the long haul



At Commonwealth Bank's annual general meeting in Brisbane, chairman Paul O'Malley faced a pointed question about whether Australia's largest bank would abandon cash for a fully digital future. His response was unequivocal.








'I think cash is still absolutely critical,' O'Malley told concerned stakeholders. 'We've demonstrated by our actions over the last few months working with the industry to make sure that cash supply and cash availability continues.'



He emphasised that cash will be around for a 'very' long time, with CBA investing a 'lot' of money to ensure continued availability despite digital trends.










'I think cash is still absolutely critical'

Paul O'Malley, CBA Chairman



O'Malley's stance appears increasingly prescient as new data suggests the 'cashless society' predictions were premature.



The system failures that changed everything



The Optus outage in November 2023 and the CrowdStrike outage of July 2024, plus many other smaller system problems have dented community confidence in the reliability of cashless payment systems. These high-profile failures reminded Australians why keeping some cash handy makes sense.



Concerns about payment system reliability, privacy and high card surcharges are all fuelling a trend back towards carrying and using cash in 2024.









Many seniors remember when having backup plans was simply common sense. Now, younger generations are learning the same lesson the hard way.



The surprising reality of cash access



Despite widespread concerns about disappearing cash services, 95 per cent of Australians lived within 4.0 km of an identified cash withdrawal point as of June 2024. These include ATMs, bank branches, Bank@Post outlets, and large retailers.



For cash deposits, the access remains reasonable too, with most Australians living within 5.7 km of a cash deposit point.










Cash access in Australia (June 2024)


95 per cent of Australians live within 4km of cash withdrawal points


Average distance to deposit services: 5.7km


Bank@Post maintains strong network coverage nationwide


ATM withdrawals up 4.5 per cent in 2024




Who's still using cash and why



The data reveals something politicians and bank executives might find surprising: two big surveys in 2024 have confirmed that paying with cash is highly valued by around 40 per cent of Australians.



The cash-in-transit industry is not currently sustainable but 40 per cent of Australians are basically wedded to the use of cash. This group likely includes many seniors who value the privacy, reliability, and budgeting benefits that cash provides.



While the Reserve Bank's Consumer Payments Survey reported that physical cash's share of consumer payments fell to 13 per cent in 2022, this figure may not tell the complete story. Existing published data underestimates the role of cash in Australia's economy.









The branch closure reality



The banking landscape continues evolving, with 230 branches closing over the year to June 2024. However, while most bank branch closures were in major cities, over one-quarter were in regional and remote areas.



CBA actually performed better than competitors in this area, closing just 32 branches in 2023-24 compared to Westpac's 66 closures.



When another stakeholder named Justin raised concerns about bank staff encouraging online banking, CBA CEO Matt Comyn assured that the bank remained committed to investing in its branch network, even with reduced foot traffic.









What's driving the cash comeback



The resurgence isn't just about system failures. Many Australians are rediscovering cash's advantages:





  • Privacy protection: Cash transactions leave no digital footprint
  • Budget control: Physical money makes spending more tangible
  • Surcharge avoidance: No merchant fees on cash payments
  • Emergency preparedness: Always works when systems fail



Assistant Treasurer Stephen Jones noted that while electronic transactions saved money for banks, these savings were not being passed on to customers.



What this means for you



If you're among the 40 per cent who prefer cash, you're not alone and you're not being left behind. The data suggests your preference is shared by millions of other Australians who value cash's unique benefits.










Key points for cash users



  • Cash usage is actually increasing in 2024, not declining

  • 95 per cent of Australians live within 4km of cash access points

  • Major banks like CBA are committing to long-term cash support

  • System outages have proven cash remains essential backup

  • Your preference for cash is shared by 40 per cent of Australians




For those worried about accessing cash services, the RBA's Online Banknote Survey suggests that withdrawing cash from ATMs is the most preferred method of accessing cash, followed by cash-out services and bank branches.



The message from CBA's chairman is clear: despite digital advances, cash isn't disappearing anytime soon. If anything, recent trends suggest it's staging an unexpected comeback.



What's your experience with cash versus digital payments? Have recent system outages changed how you think about keeping cash on hand? Share your thoughts in the comments below.



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mOiOz said:
YAY!!!!! I really believe the idea of getting rid of cash is that governments will gain power to track us on every single transaction in our accounts!
God forbid someone might get a gift or an extra day's work for a friend and be paid with cash!
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So true
 
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I prefer to use cash 100% of the time. It appears to me that the banks and the Government are trying to force everything digital with complete disregard to the average person. By doing these actions it makes the analysis seem that people are getting away from cash by no fault of their own. It is sometimes very convenient to use your card especially for large sums of money, but people need to stand up for themselves and not be taken in by statistics that create the false image. I will continue to use cash as long as it is legal tender. As a point of interest if I enter a business that does not accept cash I promptly walk out as there is always another business willing to have your trade.
 
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I never use cash for anything and never carry any.
Always use a card (on my phone) to buy everything. If I want to see how much I've spent, or how much I've got left I look at my bank app.
Never been a problem and much quicker than waiting for someone in front of you to count all their cash out!!🙄
 
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Give me cash any time, how do we give donation for the Red cross and Anzac into their tins etc
 
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Lesley Colclough said:
When the bank locks up your card for over 3 months it’s clear that you need to have cash, and they put an unreasonable condition on to getting your card unlocked, it makes me wonder what they are doing? Is it that they just want to control you and your money more? And for no reason for them to keep doing that. When the Nab did that to me it’s made my life a lot harder and I’m on a disability pension and for me to just having to keep going into a branch for my pension isn’t always easy. You need card or cash for a taxi and it leaves you feeling very vulnerable. There fraud team needs a big shake up and not try to control what you do with your money. I do understand that they do, do a good job of trying to protect our money but they can take it way too far and I’m just one of those people. I’m at the point of going to the ombudsman about what they are doing. It’s just not fair on people like myself. Thank you.
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I am with NAB and they have never locked my card. I know NAB together with all banks have all done things they shouldn't and are only after profits but they have never been anything other than helpful to me so I have no complaints at all. I have been with them since I came to WA in 1987 when Westpac wouldn't support me and I had been a customer in NZ for many years. NAB sight unseen did so transferred my money and never looked back.
I mostly use a debit card inserting it but always have cash on me in case.
 
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I always use cash, except for 2 yearly bills all my other bills are paid by direct credit, my Visa card is there for any emergencies especially when I had my car.
 
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the word propogander comes to mind with global warming, virus, etc equals CONTROL notice how prices ,wages, real estate jumped over the virus years...if you own house you are a millionaire and if you still owe money on it you are guaranteed to become a millionaire, so what happens when 75% of Australians are millionaires....??? how do young folk buy a house?
 
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7777 said:
Dear member Lesley Colclough, goodmorning. Thankyou for your post. I am sorry to hear that NAB has created so much inconvenience to you, regarding your card. If you like, send an email to the NBA CEO, Andrew Irvin, his email is [email protected]. I believe he will help you. In your email, explain exactly what your local NAB bank teller did with your card, and how you are a pensioner and if he can help you. Sometimes bank tellers can be very rude, and feel empowered, when they disrupt people's lives. Mr Andrew Irvin, the CEO for NAB, would appreciate it if you let him know how disrespectful the thank teller was to you. The bank teller may be doing this to other customers as well. All it takes is one email, with your issue, explaining what has happened to your card and what you want done about it. It's worth a try. Wishing you success in your communication with Mr Andrew Irvine, the CEO of NAB. God bless, 🙏🦋
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Thank you for this information 7777 it’s always good to know !
I believe we need both cash and cards and always will maybe the bank will wake up to the fact eventually if we keep using it where we can.
I went shopping yesterday with one of my Granddaughters and her son, he is 4 years old and asked could he have a ride on one of the many mechanical rides around the place, he had been so good that I said why not ? The darn thing cost $3 and I was counting out the cash when my Granddaughter informed me it was card only !! I did not like the idea of using a card in one of these things and had to apologise to the disappointed 4 year old because he couldn’t have a ride after all. ☹️
 
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Clancieblue said:
Just this morning the power went out where I was purchasing a coffee. Just as well I had cash. :giggle: ☕
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I wonder what would have happened if you didn’t have cash to pay for your coffee?

Especially the Shops that only accept cards….. would they let customers go without their purchases if ….. or I should say WHEN, we have the next power outage?

If shops continue to only accept cards, then I hope there are a lot more power outages. 👍
 
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freedy50 said:
I never use cash for anything and never carry any.
Always use a card (on my phone) to buy everything. If I want to see how much I've spent, or how much I've got left I look at my bank app.
Never been a problem and much quicker than waiting for someone in front of you to count all their cash out!!🙄
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And what do you do if the power goes off?
 
DWN said:
Card for larger purchases, but cash for smaller amounts, the blend of both makes my.monthly spend easier to track. Utilities I direct debit because you receive advance notice and a pensioner discount.
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Works for me too.
 
June E said:
Thank you for this information 7777 it’s always good to know !
I believe we need both cash and cards and always will maybe the bank will wake up to the fact eventually if we keep using it where we can.
I went shopping yesterday with one of my Granddaughters and her son, he is 4 years old and asked could he have a ride on one of the many mechanical rides around the place, he had been so good that I said why not ? The darn thing cost $3 and I was counting out the cash when my Granddaughter informed me it was card only !! I did not like the idea of using a card in one of these things and had to apologise to the disappointed 4 year old because he couldn’t have a ride after all. ☹️
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Dear member June E, goodmorning. You are very welcomed, enjoy your day. 🙏🦋
 
freedy50 said:
I never use cash for anything and never carry any.
Always use a card (on my phone) to buy everything. If I want to see how much I've spent, or how much I've got left I look at my bank app.
Never been a problem and much quicker than waiting for someone in front of you to count all their cash out!!🙄
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Have you ever passed a stall on the side of the road selling freshly picked, mangoes, avocado, macadamias, flowers, bananas etc., for a pittance compared to major stores?
What do you do? Drop off your credit card? Leave a name and number?
The only thing you can do... is loose out!
 
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Mactavish said:
The idea of Digital bank Digital Currencies is all about control. The ultimate aim is to know all about you. It will enable the government to know our every move. If there is a downturn in the economy, using a CBDC, they will be able to put money into your account and require that it be spent by a certain date, else it will be removed. Another trick would be to impose negative interest rates, to encourage spending and so boost the economy. Make no mistake, the Covid event was more about control than about health. A disease that had a better than 98% recovery rate was not a disaster. But by creating fear, it was forced onto people. The demonizing of Carbon Dioxide is another control project. The UN, the WEF and the WHO are all in on a great economic reset by 2030. They are promoting what is basically communism under the cloak of nice sounding phrases like 'sustainability', 'more equality', etc. But the elite will stay elite and profit by it.
More pandemics are in the pipeline. When the WEF meet in Davos for their annual talkfest, the first item on the agenda is "Climate Change", but 200 of them arrive in private jets. How concerned are they about their carbon footprint? Satellite photos show that the Arctic ice cap has increased by 28% in the last 13 years. This is not mentioned by the main stream media, because it doesn't fit the prevailing narrative. "Figures don't lie, but liars can figure". That from a former boss of General Motors when it was a great company, decades ago.
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Totally agree, we are slowly becoming a communist country, the signs are there albeit slowly 😡😡
 
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we have cards, we take out cash, so what is the problem????
 
I actually think we need both. I care for my elderly mother who knows what cash she has. When bills arrive she places the cash in the envelope with the account and when out pays at the post office. That is those accounts still accepted at the post office. All others I pay on line through my accounts and have to transfer the funds when we next visit the bank. On the other hand I am also a plan nominee for the gentleman with a degenerative condition. He is able to use a card to swipe for his coffee etc., but is unable to physically handle cash as its too fussy for him with limited small motor skills in his fingers. He has an administrator who keeps watch on all his spending. He has moved house and the new bank in all their "wisdom" refused to give him a card, they said they couldn't guarantee he was the one to use it, so his 1:1 worker has to withdraw cash each week for him. Now, the stupidity of this is unbelievable. It takes away his independence of being able to use a card, his administrators are unable to see where he is spending which makes it hard for myself and them to work out a budget. At the present time his administrators are in discussion with the bank. If that doesn't work I will follow the instructions of member 7777 and contact the bank manager directly.
 
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HelenB55 said:
I wonder what would have happened if you didn’t have cash to pay for your coffee?

Especially the Shops that only accept cards….. would they let customers go without their purchases if ….. or I should say WHEN, we have the next power outage?

If shops continue to only accept cards, then I hope there are a lot more power outages. 👍
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Dear member HelenB55, good evening. Thankyou for your post. What a great though, yes I agree with you. But there is just one little problem, if there is an outage, the electricity, for the coffee machine may not work. Not to worry, ice coffee would be a fresh welcome, especially during the coming warmer weather. Enjoy your evening. 🙏🦋
 
Bill MacL said:
Banks are trying to be 'the perfect business' that is, something that never loses any money. That's impossible, every business has a department that loses money, staff costs money, research and development costs money, with Banks, supplying cash costs money. Those costs are covered by the profits your business makes, that's why they are called a service industry. What happens when you get greedy and stop supplying the service? You lose your customers.
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Banks will never ‘be perfect’ bcz they are run by humans. Humans will always respond enthusiastically to greed, theft, lies, and laziness.
The “big bosses” will always be paid outrageously high and thoroughly unwarranted salaries loaded with bonuses for work NOT done by them, but done by under-paid, over-worked secretaries who do not get over-time bcz only the managers are paid that!
 
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BabsL said:
Banks will never ‘be perfect’ bcz they are run by humans. Humans will always respond enthusiastically to greed, theft, lies, and laziness.
The “big bosses” will always be paid outrageously high and thoroughly unwarranted salaries loaded with bonuses for work NOT done by them, but done by under-paid, over-worked secretaries who do not get over-time bcz only the managers are paid that!
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Dear member BabsL, thankyou for your post. Your post speaks the absolute truth. For something to be perfect would mean not to be human, but more so a Devine entity. As banks are run by humans who as you state, respond to greed, theft, lies and laziness, there will always be cracks in the system, flaws and unexplained errors, and money that has mysteriously vanished into thin air. How sad has our society become in our modern age of 2025, when Banks and financial institutions , have become even more deceptive, malicious and greedy in the way they deal with people's money. Have a beautiful evening. 🙏🦋
 
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