Advocates call for nationwide cash withdrawal to protest against potential cashless society
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In a world where digital transactions are becoming the norm, there's a group of Australians who are standing firm on the value of cold, hard cash.
And they are making their voices heard in a unique way—participating in a nationwide protest.
This event is a call to action for those who are concerned about the increasing trend towards a cashless society.
The initiative, dubbed ‘Draw Out Some Cash Day’, encourages Australians to visit their local ATMs and withdraw cash to demonstrate the ongoing need for physical currency.
Pro-cash advocate Jason Bryce, one of the voices championing this cause, expressed his full support for the movement, stating, 'I don't know who started it, but I'm backing it 100 per cent and promoting the idea that Tuesday is cash-out day and, you know, use it or lose it. Let's keep cash alive.’
‘It's like a vote. It's almost like we're voting to keep cash on Tuesday.’
The demonstration originated on social media, with individuals sharing comparable messages advocating for the depletion of cash from ATMs.
Additionally, advocates from other parts of the world also posted similar calls for action.
‘If everyone did this, it would draw thousands of $$$ out into the community, and banks would be running around to refill ATMs,’ one poster explained.
‘We want this to go nationwide. Tell your friends. Never let cash vanish.’
The unified effort coincided with banks scaling back their presence across Australia.
Over recent years, numerous branches were closed as financial institutions contend with Australians increasingly conducting their banking and payment activities online.
Moreover, there has been a significant decrease in the usage of cash.
The Reserve Bank of Australia (RBA) reported a significant decline in cash usage, with 72 per cent of Australians classified as low-cash users in 2022—meaning they used physical cash for 20 per cent or less of their transactions—up from 50 per cent in 2019.
High-cash users, who rely on cash for 80 per cent of their transactions, have dwindled to just 7 per cent of the population, from 14 per cent in 2019.
Consumer cash payments also plummeted from 70 per cent in 2007 to just 13 per cent in 2022.
The future of cash in Australia is uncertain, especially with Armaguard, a key player in money transport, facing potential insolvency.
The embattled firm earlier rejected a $26 million rescue deal from the Reserve Bank of Australia (RBA), the four big banks, supermarkets, Australia Post, and retailer Wesfarmers.
According to Armaguard Group Chief Executive Mick Cronin, they are ‘working constructively with all its customers, including its retail customers, banks, and other key stakeholders, regarding both short-term and long-term financial solutions for the industry to remain sustainable’.
‘Armaguard continues to operate its full suite of services and is confident that over the coming months, it will get the business onto a long-term sustainable footing with appropriate support from the industry.’
Dr Angel Zhong, an Associate Professor of Finance at the Royal Melbourne Institute of Technology (RMIT), warned of the broader implications if companies like Armaguard were to collapse.
‘This increasing preference to use cashless payments is pushing businesses like Armaguard out,’ she said.
‘It will then further increase the cost of using cash for both business and consumers, and that will further accelerate this transition to a cashless society.’
What are your thoughts on the cashless trend? Have you participated in 'Draw Out Some Cash Day'? Do you feel the shift towards digital payments is leaving some people behind?
Share your experiences and opinions in the comments below.
And they are making their voices heard in a unique way—participating in a nationwide protest.
This event is a call to action for those who are concerned about the increasing trend towards a cashless society.
The initiative, dubbed ‘Draw Out Some Cash Day’, encourages Australians to visit their local ATMs and withdraw cash to demonstrate the ongoing need for physical currency.
Pro-cash advocate Jason Bryce, one of the voices championing this cause, expressed his full support for the movement, stating, 'I don't know who started it, but I'm backing it 100 per cent and promoting the idea that Tuesday is cash-out day and, you know, use it or lose it. Let's keep cash alive.’
‘It's like a vote. It's almost like we're voting to keep cash on Tuesday.’
People organised ‘Draw Out Some Cash Day’ to protest against the increasing cashless trend in Australia. Credits: Shutterstock
The demonstration originated on social media, with individuals sharing comparable messages advocating for the depletion of cash from ATMs.
Additionally, advocates from other parts of the world also posted similar calls for action.
‘If everyone did this, it would draw thousands of $$$ out into the community, and banks would be running around to refill ATMs,’ one poster explained.
‘We want this to go nationwide. Tell your friends. Never let cash vanish.’
The unified effort coincided with banks scaling back their presence across Australia.
Over recent years, numerous branches were closed as financial institutions contend with Australians increasingly conducting their banking and payment activities online.
Moreover, there has been a significant decrease in the usage of cash.
The Reserve Bank of Australia (RBA) reported a significant decline in cash usage, with 72 per cent of Australians classified as low-cash users in 2022—meaning they used physical cash for 20 per cent or less of their transactions—up from 50 per cent in 2019.
High-cash users, who rely on cash for 80 per cent of their transactions, have dwindled to just 7 per cent of the population, from 14 per cent in 2019.
Consumer cash payments also plummeted from 70 per cent in 2007 to just 13 per cent in 2022.
The future of cash in Australia is uncertain, especially with Armaguard, a key player in money transport, facing potential insolvency.
The embattled firm earlier rejected a $26 million rescue deal from the Reserve Bank of Australia (RBA), the four big banks, supermarkets, Australia Post, and retailer Wesfarmers.
According to Armaguard Group Chief Executive Mick Cronin, they are ‘working constructively with all its customers, including its retail customers, banks, and other key stakeholders, regarding both short-term and long-term financial solutions for the industry to remain sustainable’.
‘Armaguard continues to operate its full suite of services and is confident that over the coming months, it will get the business onto a long-term sustainable footing with appropriate support from the industry.’
Dr Angel Zhong, an Associate Professor of Finance at the Royal Melbourne Institute of Technology (RMIT), warned of the broader implications if companies like Armaguard were to collapse.
‘This increasing preference to use cashless payments is pushing businesses like Armaguard out,’ she said.
‘It will then further increase the cost of using cash for both business and consumers, and that will further accelerate this transition to a cashless society.’
Share your experiences and opinions in the comments below.
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