Fed up Aussies flocked to banks and ATMs on Tuesday in a major protest against the country’s move towards a cashless society.
Hoards of people were seen lining up to withdraw cash on April 2 – a day dubbed online as “Draw Out Some Cash Day”.
The movement, led by the Cash is King Facebook group, aimed to show banks and retailers there is still a demand for cash amid warnings the country will be “functionally cashless” by 2025.
Social media posts show “massive queues” of people, both young and old, lining up at various banks around the country, with one woman sharing she waited for up to an hour to get her hands on bank notes.
“All banks I passed today had queues out the door,” one person wrote on Facebook alongside a picture of people lining up outside a Commonwealth Bank branch.
“(I) withdrew $1000 dollars. The bank was packed!” another wrote.
“I went to Robina Centre (Gold Coast) and took $1000. I had to wait nearly one hour,” said another.
“(I) queued up for 30min. (There were) people doing the same thing, getting money out. I think today was very successful,” another added.
“My local bank … never seen it so busy. Lines out the door,” said another.
Others on X, formerly known as Twitter, also praised the move.
“This is the best!!!”one person wrote.
“Did my bit. Massive queues at ATMs everywhere,” another commented.
“Well done Aussies! Keep up the pressure,” said another.
Some even called for the initiative to be held on a more regular basis.
“We need to do this on a weekly basis so the branches will have to order cash to fill the ATMs thus increasing demand,” one person wrote.
The protest comes as experts warn Australia is quickly heading towards a cashless society.
“I’d say we’ll be functionally cashless by the end of 2025 — it’ll just be a complete rarity,” Richard Holden, professor of economics at UNSW Business School, previously told news.com.au.
“But unless the government gets involved to accelerate the process I think we’ll be actually cashless by 2030.”.
Statistics from the Reserve Bank of Australia (RBA) show that in 2010 more than 60 per cent of purchases were made with cash compared to just 13 per cent by 2022.
Banks have shuttered about 1600 branches in the past six years alone.
A number of Australian businesses have also made the move to being cashless in recent year.
One notable example saw independent Queensland MP Bob Katter knocked back by the Parliament House staff dining room in February this year after trying to pay for his meal with a $50 note.
In September last year, Macquarie Bank announced it would phase out cash from its branches during 2024, while other banks have copped criticism for making some branches cashless and discouraging the deposit or withdrawal of cash at other branches.
Fast food chains such as Nandos phased out cash in 2020, while a number of KFC restaurants are also now cashless, along with big entertainment venues such as the MCG, SGC and Sydney’s Allianz Stadium.
In Australia, it is legal for businesses to refuse to accept cash provided that they inform consumers of their stance before any “contract” for the supply of goods or services is entered into.
FAQs
Experts believe Australia will become “functionally cashless” by 2030, due to the increased consumer preference for digital payments. Behind Baby Boomers, a recent survey found regional Aussies and those on lower-incomes were the most concerned about this shift.
Did cash activists pull more than half a million dollars from Australian banks and ATMs for cash out day? ›
Cash activists pull more than half a million dollars from Australian banks and ATMs for Cash Out Day. 'All the banks I went past had queues out the door. ' Wads of cash were withdrawn from Australian banks and ATMs by activists on Tuesday for a community-organised event called Cash Out Day.
Will Australia go cashless in 2024? ›
She estimates that Australia will enter into a cashless society by 2030, slightly later than Commonwealth Bank's prediction of 2026, and argues for government regulation of digital payment services to help navigate the transition.
How did cash Out Day go? ›
On April 2nd, Australians were asked to go to an ATM and withdraw some money in a symbolic gesture of support for cash. According to social media images, many did. I was one of them. While the exact total amount withdrawn is unclear, from social media, it appears that many did participate.
How long until we are a cashless society? ›
Physical currency isn't becoming obsolete any time soon, so it's important to weigh up your options before deciding to go fully cashless in 2024. Ensuring you can accept some cashless payments though, is essential to keeping with today's trends and customer expectations.
What does it mean when a bank goes cashless? ›
Cashless is a term used to describe a system where people rely entirely on electronic payments rather than paper money. Processing such transactions usually occur through channels, such as: Point of Sale systems (POS) Internet banking.
Why is everyone taking cash out in Australia? ›
'Draw Out Some Cash Day' started as an online petition, protesting the declining use of cash in everyday transactions. Online demonstrators are calling on Australians to visit an ATM and withdraw some money, with the aim of plunging cash back into Australian society.
Where do Australian banks get their money from? ›
Banks collect savings from households and businesses (savers) and use these funds to make loans to those who want to borrow (borrowers). Banks must pay interest on the funds that they collect from savers, which is one of their main funding costs.
Can Australian banks go broke? ›
While it's highly unlikely that a bank or lender will go bankrupt in Australia, the Silicon Valley Bank situation shows how important it is to know what would happen if one did.
Why the world is going cashless? ›
When people are handling less cash, bank robberies, burglaries and corruption drop. Because cash is essentially untraceable, it's a useful tool for criminals, where digital currency is less easy to exploit, and can be shut down quickly if it falls into the wrong hands.
Even so, many people will continue to use cash in their daily lives. Many people say that they like cash because: It is a fast and convenient way to pay. It is very widely accepted.
Is Australia in financial crisis? ›
We are in a recession right now if you measure it in per capita terms. The Australian economy is growing overall, but it has grown 2.1% over the last year while the population has grown 2.4%. That means per capita (or per person) the economy has shrunk.
How fast is upside cash out? ›
Cash outs are never instantaneous. Gift cards and PayPal transfers can take up to 48 hours to process. Bank deposits can take up to 7 business days.
What is the zero cash day? ›
What Is A Zero Cash Date? As stated above, a cash zero date is a day on which a company has no cash on hand. Various factors lead to cash-out dates, such as expenses exceeding revenues, a delay in payments, or a lack of access to credit. A cash zero date can cause concern and indicate financial instability.
What is the code for cash out? ›
To cash out at the ATM, dial *170#, enter 5 for Financial Services, enter 1 for Bank Service, select 3 for ATM Cash Out, select 1 to Generate Token, enter Four-digit Secret Code, enter Amount, enter MM PIN and they will receive notification for a successful transaction.
Which bank is going digital in Australia? ›
Bankwest will transition to a digital bank in 2024, enabling it to accelerate investment in delivering simple and easy digital banking and broker services to meet the needs of more homeowners across Australia.
Is cash still accepted in Australia? ›
Legal tender laws: Australian banknotes and coins are legal tender throughout Australia. Generally, a business is obliged to accept cash for transactions, unless an alternative payment method is clearly specified before the transaction takes place (such as in online purchases).
Which bank is stopping cash? ›
Macquarie Bank customers will be stopped from withdrawing and depositing cash or cheques at its branches around the country from this month. Australia's fifth largest bank revealed last year the rise of digital payment systems has resulted in them pivoting away from loads of in-person banking processes.
Is cash obsolete in Australia? ›
Australian consumers have increasingly been using electronic payment methods in preference to cash for their transactions. The overall demand for cash in Australia, however, remains strong. There is ongoing demand for cash for non-transaction purposes, particularly as a store of wealth.
