The world is constantly evolving, especially with the advancements in technology. These innovations have led to the creation of numerous online tools, apps, and resources that aim to make our lives more convenient and straightforward.

However, amidst all these changes, have you ever considered how this shift in our lifestyle is influencing our finances?

Interestingly, a recent report commissioned by the Reserve Bank of Australia has highlighted that Australia is steadily moving towards becoming a cashless society.

This means that physical currency like coins and notes are being used less frequently in favour of digital transactions. And this transition might have a more significant impact on our lives than originally thought.

Australia is moving towards a cashless society as the number of circulating notes declines for the first time since 1966. Credit: Shutterstock.

According to a recent survey, the number of notes in circulation had experienced a significant drop for the first time since 1966, back when pounds and shillings were replaced by decimal currency. This decline is particularly noticeable in the case of $50 notes and has resulted in over a billion dollars in physical cash vanishing from circulation.

Around one-third of Australians now identify themselves as 'low cash users', indicating a shift towards digital and electronic payment methods.

While this trend may reflect modern convenience for some, it could potentially create challenges for certain societal groups. Specifically, people living in regional areas and the elderly, who rely heavily on cash for their day-to-day transactions, may face difficulties due to the reduced availability of cash.

During the pandemic, people showed a preference for digital payments, but surprisingly, the use of cash actually increased. However, as we fast forward to the present day, it's becoming evident that cash is losing its popularity again.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now at just over $101.3 billion, the lowest since November 2019. The number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only one that has seen a slight increase, though even this growth is slowing down.

While cash has been losing its charm, there are various other convenient payment methods that have been gaining traction.

Contactless systems like Apple Pay have been on the rise, offering a quick and easy way to make transactions. Additionally, physical cheques are gradually being phased out and are expected to be extinct in Australia by 2030.

The topic of Australia's increasing shift towards cashless transactions among retailers has been a subject of intense debate. This trend has not only sparked discussions on social media but also within the SDC forum.

We've covered this matter in several articles, which you can read by following the links below:

• Controversial statement on Aussie motorist's car draws attention, sparks 'cashless society' debate
• Why cash still matters: Woolworths incident sparks debate on cashless society
• Is going cashless taking away your freedom? Find out how businesses face consumer boycotts

Key Takeaways

• Australia is on its way to becoming a cashless society, with the number of notes in circulation declining for the first time since dollars and cents were introduced in 1966.
• RBA's consumer payment survey shows one-third of Aussies now identify as 'low cash users', indicating a shift towards digital and electronic payment methods.
• Despite an uptick in cash usage during the pandemic years, the overall trend towards electronic payment methods has seen a decrease in cash circulation, currently standing at just $101.3 billion.
• The use of cash is expected to continue to diminish over the coming years, similar to cheques, which are expected to completely cease in the country by 2030.

Members, we'd love to hear your thoughts on the apparent decline in cash usage in Australia. Do you see this as a positive or negative development? Should retailers and establishments still prioritise cash transactions? Drop your comments below, and let us know what you think!

 

[Trudi]

This cashless business is getting out of control, FAST. It has to stop now before it is too late. I don't care what the law says cash is legal tender in this country so it must be accepted during a transaction. How are people in the Outback going to survive without a bank or ATM, especially disabled people? What will happen if a young child goes to the shop to buy some lollies? That will be $1.30 please, the child hands over a $2.00 note. Sorry, we don't accept cash. What will happen???????

I actually lived in the outback way back in the 70s. We used to travel 80 miles to the nearest town to do our shopping once a fortnight and also in the middle of the night to get to the hospital for the birth of my daughter.

We never used cash back then, always paid by cheque for everything.

The year before last, I did an outback road trip with my partner to copper mining town Cobar (overnight stay), then to Wilcannia where we had lunch before heading north to the opal mining town of White Cliffs where we stayed overnight in an underground motel, from there to Broken Hill - the "birth place" of mining giant BHP and also hometown of famous artist Pro Hart and we did a quick trip to Silverton, famous for the filming of Mad Max, before heading back to "civilisation" via Hay.

If that is not "outbacky" enough, a couple years earlier we drove across the Nullarbor Plains.

No matter where we bought a sandwich, fuel or paid for accommodation, we didn't need any cash. Our credit cards were welcomed (without being charged any fees) everywhere and, being an electronic transaction, it was credited to the bank accounts of the businesses along the way instantly, instead of them having to take cash to a bank or post office. There is also a lesser risk of the business getting robbed.

As to the young child with a $2.00 banknote, I wish him luck!

 

[midgemills]

So this happened with Booking.com. No surprise. Dick Smith put out a video 4 years ago warning about agencies. boohttps://www.youtube.com/watch?v=UYspUO2dUpQking

Sorry, working link in my next comment.

 

[midgemills]

Just a warning about Booking.com and other booking agencies. Watch this video posted 4 years ago by Dick Smith.

 

[Loubeauxarts]

CONTROL.... that is what it is aimed at...... Step out of line and they will cut you off from your funds. Quick as a wink.... China is a good comparison

Just watched the attached clip and it has left me almost in shock. I had no idea that China had reached that level. Bring back the days of Nimbin, hope, innocence and belief in a free society - or have we left it too late

 

[mylittletibbies]

This cashless business is getting out of control, FAST. It has to stop now before it is too late. I don't care what the law says cash is legal tender in this country so it must be accepted during a transaction. How are people in the Outback going to survive without a bank or ATM, especially disabled people? What will happen if a young child goes to the shop to buy some lollies? That will be $1.30 please, the child hands over a $2.00 note. Sorry, we don't accept cash. What will happen???????

Unfortunately, as I said previously, I goggled this. Yes, cash is legal tender, but apparently any business is also legally able to set whatever rules as to the payment type they wish to accept and we can do nothing about it, except take our business elsewhere, which is exactly what I intend to do.

 

[[email protected].]

I wonder how the Pokies will work without the recent changes to Cash (notes) input. Are we going to need an app on our phones? And the machines needing a card reader?

 

[Tygie]

The world is constantly evolving, especially with the advancements in technology. These innovations have led to the creation of numerous online tools, apps, and resources that aim to make our lives more convenient and straightforward.

However, amidst all these changes, have you ever considered how this shift in our lifestyle is influencing our finances?

Interestingly, a recent report commissioned by the Reserve Bank of Australia has highlighted that Australia is steadily moving towards becoming a cashless society.

This means that physical currency like coins and notes are being used less frequently in favour of digital transactions. And this transition might have a more significant impact on our lives than originally thought.

View attachment 25776

Australia is moving towards a cashless society as the number of circulating notes declines for the first time since 1966. Credit: Shutterstock.

According to a recent survey, the number of notes in circulation had experienced a significant drop for the first time since 1966, back when pounds and shillings were replaced by decimal currency. This decline is particularly noticeable in the case of $50 notes and has resulted in over a billion dollars in physical cash vanishing from circulation.

Around one-third of Australians now identify themselves as 'low cash users', indicating a shift towards digital and electronic payment methods.

While this trend may reflect modern convenience for some, it could potentially create challenges for certain societal groups. Specifically, people living in regional areas and the elderly, who rely heavily on cash for their day-to-day transactions, may face difficulties due to the reduced availability of cash.

During the pandemic, people showed a preference for digital payments, but surprisingly, the use of cash actually increased. However, as we fast forward to the present day, it's becoming evident that cash is losing its popularity again.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now at just over $101.3 billion, the lowest since November 2019. The number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only one that has seen a slight increase, though even this growth is slowing down.

While cash has been losing its charm, there are various other convenient payment methods that have been gaining traction.

Contactless systems like Apple Pay have been on the rise, offering a quick and easy way to make transactions. Additionally, physical cheques are gradually being phased out and are expected to be extinct in Australia by 2030.

The topic of Australia's increasing shift towards cashless transactions among retailers has been a subject of intense debate. This trend has not only sparked discussions on social media but also within the SDC forum.

We've covered this matter in several articles, which you can read by following the links below:

• Controversial statement on Aussie motorist's car draws attention, sparks 'cashless society' debate
• Why cash still matters: Woolworths incident sparks debate on cashless society
• Is going cashless taking away your freedom? Find out how businesses face consumer boycotts

Key Takeaways

• Australia is on its way to becoming a cashless society, with the number of notes in circulation declining for the first time since dollars and cents were introduced in 1966.
• RBA's consumer payment survey shows one-third of Aussies now identify as 'low cash users', indicating a shift towards digital and electronic payment methods.
• Despite an uptick in cash usage during the pandemic years, the overall trend towards electronic payment methods has seen a decrease in cash circulation, currently standing at just $101.3 billion.
• The use of cash is expected to continue to diminish over the coming years, similar to cheques, which are expected to completely cease in the country by 2030.

Members, we'd love to hear your thoughts on the apparent decline in cash usage in Australia. Do you see this as a positive or negative development? Should retailers and establishments still prioritise cash transactions? Drop your comments below, and let us know what you think!

PIFFLE!!!! Only the damned milleniums want cashless. I tried just using my card and found i couldn't keep control of my purchases or account balance as i thought i had more than i did in the bank.

I don't have internet away from home on my phone so apps don't work and the bank is too far away to keep going there to check up on it.

Tapping/inserting the card for everything leads to BIG problems. So screw the millenials and the government CASH IS KING!!!! It's a lot easier to keep a tab on how much you want to spend.

 

[GillyH]

The world is constantly evolving, especially with the advancements in technology. These innovations have led to the creation of numerous online tools, apps, and resources that aim to make our lives more convenient and straightforward.

However, amidst all these changes, have you ever considered how this shift in our lifestyle is influencing our finances?

Interestingly, a recent report commissioned by the Reserve Bank of Australia has highlighted that Australia is steadily moving towards becoming a cashless society.

This means that physical currency like coins and notes are being used less frequently in favour of digital transactions. And this transition might have a more significant impact on our lives than originally thought.

View attachment 25776

Australia is moving towards a cashless society as the number of circulating notes declines for the first time since 1966. Credit: Shutterstock.

According to a recent survey, the number of notes in circulation had experienced a significant drop for the first time since 1966, back when pounds and shillings were replaced by decimal currency. This decline is particularly noticeable in the case of $50 notes and has resulted in over a billion dollars in physical cash vanishing from circulation.

Around one-third of Australians now identify themselves as 'low cash users', indicating a shift towards digital and electronic payment methods.

While this trend may reflect modern convenience for some, it could potentially create challenges for certain societal groups. Specifically, people living in regional areas and the elderly, who rely heavily on cash for their day-to-day transactions, may face difficulties due to the reduced availability of cash.

During the pandemic, people showed a preference for digital payments, but surprisingly, the use of cash actually increased. However, as we fast forward to the present day, it's becoming evident that cash is losing its popularity again.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now at just over $101.3 billion, the lowest since November 2019. The number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only one that has seen a slight increase, though even this growth is slowing down.

While cash has been losing its charm, there are various other convenient payment methods that have been gaining traction.

Contactless systems like Apple Pay have been on the rise, offering a quick and easy way to make transactions. Additionally, physical cheques are gradually being phased out and are expected to be extinct in Australia by 2030.

The topic of Australia's increasing shift towards cashless transactions among retailers has been a subject of intense debate. This trend has not only sparked discussions on social media but also within the SDC forum.

We've covered this matter in several articles, which you can read by following the links below:

• Controversial statement on Aussie motorist's car draws attention, sparks 'cashless society' debate
• Why cash still matters: Woolworths incident sparks debate on cashless society
• Is going cashless taking away your freedom? Find out how businesses face consumer boycotts

Key Takeaways

• Australia is on its way to becoming a cashless society, with the number of notes in circulation declining for the first time since dollars and cents were introduced in 1966.
• RBA's consumer payment survey shows one-third of Aussies now identify as 'low cash users', indicating a shift towards digital and electronic payment methods.
• Despite an uptick in cash usage during the pandemic years, the overall trend towards electronic payment methods has seen a decrease in cash circulation, currently standing at just $101.3 billion.
• The use of cash is expected to continue to diminish over the coming years, similar to cheques, which are expected to completely cease in the country by 2030.

Members, we'd love to hear your thoughts on the apparent decline in cash usage in Australia. Do you see this as a positive or negative development? Should retailers and establishments still prioritise cash transactions? Drop your comments below, and let us know what you think!

 

[GillyH]

I love cash, we still need it. I use to work remotely. when the WIFI went down often the Cards didn't swipe or the ATM didn't give out cash. This created some cranky miners not being able to buy their beers at the end of the working day. Another time when camping we went to town to stock up, We couldn't pay by card the system went down! Luckly we carried some cash with us. we could head out bush with our supplies.

 

[NotNats]

The world is constantly evolving, especially with the advancements in technology. These innovations have led to the creation of numerous online tools, apps, and resources that aim to make our lives more convenient and straightforward.

However, amidst all these changes, have you ever considered how this shift in our lifestyle is influencing our finances?

Interestingly, a recent report commissioned by the Reserve Bank of Australia has highlighted that Australia is steadily moving towards becoming a cashless society.

This means that physical currency like coins and notes are being used less frequently in favour of digital transactions. And this transition might have a more significant impact on our lives than originally thought.

View attachment 25776

Australia is moving towards a cashless society as the number of circulating notes declines for the first time since 1966. Credit: Shutterstock.

According to a recent survey, the number of notes in circulation had experienced a significant drop for the first time since 1966, back when pounds and shillings were replaced by decimal currency. This decline is particularly noticeable in the case of $50 notes and has resulted in over a billion dollars in physical cash vanishing from circulation.

Around one-third of Australians now identify themselves as 'low cash users', indicating a shift towards digital and electronic payment methods.

While this trend may reflect modern convenience for some, it could potentially create challenges for certain societal groups. Specifically, people living in regional areas and the elderly, who rely heavily on cash for their day-to-day transactions, may face difficulties due to the reduced availability of cash.

During the pandemic, people showed a preference for digital payments, but surprisingly, the use of cash actually increased. However, as we fast forward to the present day, it's becoming evident that cash is losing its popularity again.

The Reserve Bank of Australia (RBA) reports that the total amount of cash circulating in the country is now at just over $101.3 billion, the lowest since November 2019. The number of $5, $20, and $50 notes in circulation has decreased, with the $50 note experiencing the most significant decline. The $100 note is the only one that has seen a slight increase, though even this growth is slowing down.

While cash has been losing its charm, there are various other convenient payment methods that have been gaining traction.

Contactless systems like Apple Pay have been on the rise, offering a quick and easy way to make transactions. Additionally, physical cheques are gradually being phased out and are expected to be extinct in Australia by 2030.

The topic of Australia's increasing shift towards cashless transactions among retailers has been a subject of intense debate. This trend has not only sparked discussions on social media but also within the SDC forum.

We've covered this matter in several articles, which you can read by following the links below:

• Controversial statement on Aussie motorist's car draws attention, sparks 'cashless society' debate
• Why cash still matters: Woolworths incident sparks debate on cashless society
• Is going cashless taking away your freedom? Find out how businesses face consumer boycotts

Key Takeaways

• Australia is on its way to becoming a cashless society, with the number of notes in circulation declining for the first time since dollars and cents were introduced in 1966.
• RBA's consumer payment survey shows one-third of Aussies now identify as 'low cash users', indicating a shift towards digital and electronic payment methods.
• Despite an uptick in cash usage during the pandemic years, the overall trend towards electronic payment methods has seen a decrease in cash circulation, currently standing at just $101.3 billion.
• The use of cash is expected to continue to diminish over the coming years, similar to cheques, which are expected to completely cease in the country by 2030.

Members, we'd love to hear your thoughts on the apparent decline in cash usage in Australia. Do you see this as a positive or negative development? Should retailers and establishments still prioritise cash transactions? Drop your comments below, and let us know what you think!

All I can say is if $101.3 billion in cash is still in circulation what are they bitchin about. To me that still a lot of cash money that people are using. I still pay about 1/3 of all my money transactions/bills in cash as it is easier than trying to figure out what machines are safe to use.

 

[lalapea]

I say if you don't want my cash I don't want your goods, They could take the plastic cards away and go back to pass books and it wouldn't bother me'

 

[Observer]

If I am compelled to go cashless even if it is not my desire, I would want a guarantee from the government and my bank to say that if I am fraudulently hacked that I get a full re-imbursement of losses

 

[Aussie all the Way]

No one has thought the reason WHY there is less cash in circulation, the older generation I'm one, keep drawing out out cash and keep it for emergencies and to pay cash to tradesmen who do jobs on the side you know all those things that you NEED CASH for like small country shops. They will start checking under our mattress soon to find it all.

 

[piggyp]

We are on the pension and when our bank account reaches a certain amount we draw it out in cash .Overseas banks have folded or set limits on YOUR amounts same will happen in Australia see Cyprus Greece USA and what happened to FARAGE .ANZ bank will not allow people to purchase firearms wonder why.Certain websites have had accounts frozen as well.As reported on SDC why do banks allow scam money to be taken from personal bank accounts but cannot reverse the transaction or advise where the funds went.When you open an account you need 00 points of identification so why not on the receiving account Lazy bs at the bank or whatever waiting for a reply.Do not trust the banks they are there for shareholders and profit.

 

[IAN3005]

Just watched the attached clip and it has left me almost in shock. I had no idea that China had reached that level. Bring back the days of Nimbin, hope, innocence and belief in a free society - or have we left it too late

This goes back to 1916/18. I can see the signs happening here at a rapid rate. I believe it is too late to do anything about it. Luckily I'm on the way out. All I can do is make people aware.....

 

[Observer]

I’ll keep using cash, while some shops keep charging a surcharge on purchases. It may not be lot money but, why should there be a surcharge for using credit/debit card.

Shouldn't be

 

[Observer]

I never tap and go,I use cash and cards. But why should you have to pay to use your money !!!!!!

 

[IAN3005]

Shouldn't be

each and every traction erodes the value to the point where there is no value left.

 

[mylittletibbies]

All I can say is if $101.3 billion in cash is still in circulation what are they bitchin about. To me that still a lot of cash money that people are using. I still pay about 1/3 of all my money transactions/bills in cash as it is easier than trying to figure out what machines are safe to use.

It's not about how much money is in circulation now, they intend to take it out of circulation.
If nobody will actually accept cash then your money is virtually useless, you would have to take it to the bank and deposit it in your account.
I think people should have a choice, but we are slowly but surely having our choices eroded.

 

[IAN3005]

It's not about how much money is in circulation now, they intend to take it out of circulation.
If nobody will actually accept cash then your money is virtually useless, you would have to take it to the bank and deposit it in your account.
I think people should have a choice, but we are slowly but surely having our choices eroded.

they will squeeze is into submission and compliance..... so we end up being like the Chinese..... this video was made in 2018 so imagine what it is like now.
Well they will have to squeeze a little bit harder, much harder before I comply.