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!

 

[piggyp]

The so called reserve bank has little or no credibility as far as I am concerned the bs they put out about inflation as the reason to increase interest rates does not pass the test.The reason cash is going out of circulation on my part the bed is getting higher with 50s etc preparation for bank crash.Not everyone has a smart phone or PC and look at the scams in thus newsletter a prime example .Digital banking means total control cash is freedom to buy until THEY close that loophole.Save those Confederate dollars the South s gonnar rise again .

 

[Penny4]

Recently, I went to Robins Kitchen to buy some items with cash. Big sign on the counter when I went to pay that they don't accept cash. Covid was their reason ... germs. Had to pay with Eftpos. I don't understand why flu and gastro viruses didn't qualify.

 

[Luckyus]

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!

I don't know why people seem to persisit in paying for extra for the ability to pay with plastic.

 

[Sandyh]

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!

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.

 

[IAN3005]

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!

the bank is pushing retailers in the cashless society.

 

[Henk]

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!

Yes , our overlords want to get rid of cash , and install a digital currency, CBDC , central bank digital currency . This may sound good at first , easier to shop , no cash no card , quicker etc .
Sadly , I think it will lead to more power by our overlords over us , the people , who will be in control of the Central bank , and there for our money and how we spend our money

 

[Yvonne C.]

I prefer to use cash simply because it helps me to budget. Having my age pension as my only income, I budget on a set amount of cash each fortnight for food and incidentals, with the rest paying utility invoices before the due dates. I keep my credit card (with a low limit) for unexpected purchases which I then pay off within the month.

 

[chean1210]

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!

do what's going to happen to us country folk who need cash for bus fares as the bus system still uses cash3 and doesn't have the contact card system like the large cities

 

[IAN3005]

Yes , our overlords want to get rid of cash , and install a digital currency, CBDC , central bank digital currency . This may sound good at first , easier to shop , no cash no card , quicker etc .
Sadly , I think it will lead to more power by our overlords over us , the people , who will be in control of the Central bank , and there for our money and how we spend our money

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

 

[mylittletibbies]

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!

I always believed that as cash is legal tender it would be illegal for stores to refuse, but unfortunately a goggle search revealed that this is not so.
A store is legally allowed to request payment by card only
So folks, I recommend protesting with your feet and going elsewhere
How long could they stay in business if we take our business elsewhere. The power is in our hands (for now, at least,)

 

[IAN3005]

I always believed that as cash is legal tender it would be illegal for stores to refuse, but unfortunately a goggle search revealed that this is not so.
A store is legally allowed to request payment by card only
So folks, I recommend protesting with your feet and going elsewhere
How long could they stay in business if we take our business elsewhere. The power is in our hands (for now, at least,)

United we stand, divided we fall...... we have to act together.

 

[mylittletibbies]

United we stand, divided we fall...... we have to act together.

People don't want to know, or perhaps it's just that they don't want to believe that we are deliberately being headed this way.
Govt will know everything you do, have complete control over your money.
You only have to look at what's happening in other countries. Try to tell this to people and they accuse you of being a conspiracy theorist .
We are supposed to live in a democracy, but our government do exactly as they please, irregardless of what we, the people, want.

 

[Trudi]

I don't know why people seem to persisit in paying for extra for the ability to pay with plastic.

I don't pay extra! If a store has a surcharge for credit cards - even if your Visa or Mastercard is a debit card only, you must insert the card and select savings. If you tap, it will be treated as a credit card transaction.

 

[Shane/#]

I always believed that as cash is legal tender it would be illegal for stores to refuse, but unfortunately a goggle search revealed that this is not so.
A store is legally allowed to request payment by card only
So folks, I recommend protesting with your feet and going elsewhere
How long could they stay in business if we take our business elsewhere. The power is in our hands (for now, at least,)

Exactly % walk away to another store

 

[Shane/#]

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!

The sheep will follow lamb's to the slaughter cashless society you are crazy cash is king why because you CONTROL IT in a cashless society big brother will know your business WAKE UP or have your throat cut like the lamb's to slaughter technology controlling your life

 

[Jest]

Recently, I went to Robins Kitchen to buy some items with cash. Big sign on the counter when I went to pay that they don't accept cash. Covid was their reason ... germs. Had to pay with Eftpos. I don't understand why flu and gastro viruses didn't qualify.

i experienced the same some time back.

 

[mustang]

some places I been to rather have payments by cash than cards. I don't like using cards to pay for stuff, couple weeks ago I had to use my card to withdraw my pension out and i got sms from bank 30 min later if I with drew $19 at midnight, .soomeone managed to get my details at the atm machine , I am waiting from the bank to get my money back, so I rather go into a bank withdraw cash

 

[Barbara V]

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

I don't pay extra! If a store has a surcharge for credit cards - even if your Visa or Mastercard is a debit card only, you must insert the card and select savings. If you tap, it will be treated as a credit card transa

 

[Ronloby]

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???????