A growing advocacy movement in Australia is urging citizens to withdraw cash this Tuesday in a mass demonstration of support for keeping physical currency alive. The campaign, spearheaded by Jason Bryce and his organisation, Cash Welcome, aims to push back against the increasing trend towards a cashless society.
At the heart of this initiative lies the concern that the decline of cash usage could leave many Australians without viable payment options in the future. From bank closures to the rise of digital payment systems, the shift away from coins and notes has accelerated in recent years, prompting calls for action to preserve cash access across the country.
Decline of Cash Usage in Australia
According to the Reserve Bank of Australia (RBA), cash usage in physical transactions has plummeted in recent years. Between 2019 and 2022, the share of cash transactions halved, dropping from 32% to 16%. Despite this decline, a substantial portion of the population, approximately 1.5 million Australians, still rely on physical currency for daily purchases.
The COVID-19 pandemic accelerated this shift as businesses, particularly supermarkets and banks, temporarily went cashless, citing health concerns about the virus transmission through banknotes.
This has led to growing concerns that Australia might be heading toward a fully cashless society. However, experts like RMIT University’s Angel Zhong argue that while a “functionally cashless” society is likely by 2030, cash will not entirely disappear.
Despite the forecasts, advocates for cash remain steadfast. The recent surge in cash hoarding during the pandemic, when the value of banknotes in circulation increased by 22% between March 2020 and December 2022, serves as a reminder of the continued demand for physical currency.
These advocates are using this Tuesday’s call to action as a symbolic “vote” to keep cash accessible and as a reminder to banks and government officials of its significance in Australian society.
Government Mandates and Global Trends
Globally, governments are grappling with the rise of digital payments and the erosion of cash. Some countries, such as Spain, France, and the United Kingdom, have implemented policies requiring businesses to accept cash, ensuring it remains a viable option for all consumers.
In Australia, a similar mandate will take effect in 2026, requiring businesses that provide essential goods and services to continue accepting cash.
This policy is part of broader efforts to maintain financial inclusion, especially for those without access to digital banking services or who prefer the security and reliability of cash.
“Because of the government mandate, I think we are on the right balance … to ensure financial inclusion. That means those who want to use cash will get their cash,” said Angel Zhong, referring to the government’s plans. While it won’t prevent the decline of cash usage, it will ensure that those who rely on it are not excluded from essential services.
For many, the ability to pay with cash remains a vital option, especially in times of technological failure. The recent outages in payment systems, such as those experienced by Optus and major supermarkets, highlight the vulnerabilities of cashless transactions.
