Latest official data released yesterday by the RBA shows cash usage is trending up in Australia, despite banks continuing to restrict access to physical currency.
The total number of ATM cash withdrawals made in Australia jumped up by 767,600 (2.7 per cent) to 29,438,600 in August 2024 from 28,671,000 in July, (seasonally adjusted) reported the Reserve Bank of Australia.
For the last two years there have been about one million ATM withdrawals made in Australia each day.
Increasing numbers of ATM withdrawals are attracting a fee, as bank-owned ATMs disappear, indicating that Australians are willing to pay to access physical cash.
Total value of Australian banknotes on issue has also jumped up, by $162 million to $100.8 billion on 2 October 2024, from $100.6 billion the previous week, according to the RBA Balance Sheet.
The above chart shows the total value of Australian cash notes in circulation remains over $100 billion, an historically high level, despite claims that Australia is moving towards a cashless future.
