Cash Comeback: Australian Cash Circulation Increases

1

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The latest data from the Reserve Bank of Australia (RBA) reveals a significant jump in the value of banknotes in circulation. Specifically, there was a $300 million increase in the week ending October 16. While cash circulation dipped between July and early September, starting September 11, a steady climb was observed week-on-week.

Jason Bryce of Cash Welcome attributes this shift to Australia's growing reliance on cash as a trusted and readily accessible method of payment, even as banking institutions reduce their physical presence by shuttering numerous branches. "These numbers are proof more and more Aussies are turning to physical cash as a reliable and 'easily available' means of payment," he remarks.

Earlier this year, dissatisfaction what evident in pockets around the country, as exemplified by ANZ customers in Katoomba who protested the closure of their local branch. Bryce criticized major banks for abandoning their communities without a viable plan to maintain access to cash. "Retailers are not set up to provide people with their payday cash through EFTPOS cash-out," Bryce added.

In response, ANZ has indicated that the advent of mobile banking solutions has contributed significantly to the reduced in-branch transactions, which they state have decreased by 50% over the last five years. The bank highlighted that only 1% of interactions occur over the counter, supplemented by almost 4 million customers engaging through mobile apps.

In their official statement, ANZ assured ongoing support for Katoomba branch customers, mentioning available options like nearby banking facilities, ATMX network, and remote banking services, aiming to ensure all banking needs are met even with fewer branches.

Australia’s banking landscape is seeing a sizeable reduction of branches and ATMs; this trend has been ongoing with a 57% decrease over the past seven years, dropping from 19,508 to 8,836 ATMs as of mid-2024. Conversely, the value of banknotes in communities increased dramatically from $73.5 billion to $100.8 billion over the same period.

A Senate inquiry reported last year that from 2017 upwards of 2100 branches were closed nationwide, showcasing a 39% reduction in available banking locations in key metropolitan areas. Furthermore, RBA statistics indicate that ATM withdrawals, both in terms of their quantity and total value, have fallen by 60% and 40%, respectively.

This data highlights a paradoxical shift: while traditional banking access declines, confidence in tangible currency seems to rise across various Australian demographics. As financial service providers navigate these shifting landscapes, there remains an urgent call to establish straightforward methods of payment within all communities. As Bryce puts it succinctly, "It's up to banks to support cash as a freely circulating, easily available means of payment."

Published:Monday, 28th Oct 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

Record-Breaking Occupancy Rates for Australian Caravan Holiday Parks

05 Feb 2026: Paige Estritori

Australian caravan holiday parks have reported record-high occupancy rates in December 2025, underscoring the growing appeal of caravanning among Australians. This surge is attributed to successful promotional campaigns and an increasing desire for domestic travel experiences. - read more

Crusader Caravans Teams Up with BIG4 Holiday Parks to Elevate Your Caravanning Journey

28 Jan 2026: Paige Estritori

In an exciting development for Australian caravan enthusiasts, Crusader Caravans has announced a strategic partnership with BIG4 Holiday Parks. This collaboration aims to provide new caravan owners with a suite of exclusive benefits, enriching their travel experiences across the country. - read more

Australian Caravan Holiday Parks Set New Records in Occupancy Rates

28 Jan 2026: Paige Estritori

Recent data reveals that Australian caravan holiday parks have achieved record-high occupancy rates, underscoring the growing appeal of caravanning among Australians. This surge is attributed to successful promotional campaigns and an increasing desire for domestic travel experiences. - read more

Zone RV's Financial Collapse Exposes $40 Million Debt

20 Jan 2026: Paige Estritori

The recent collapse of luxury caravan manufacturer Zone RV has sent shockwaves through the Australian caravan industry. Based in Coolum on Queensland's Sunshine Coast, the company entered voluntary administration, revealing debts amounting to approximately $40 million. This development has left around 240 employees unemployed and approximately 180 customers uncertain about the status of their purchases. - read more

thl Closes Brisbane RV Factory, Relocates Production to New Zealand

20 Jan 2026: Paige Estritori

Tourism Holdings Limited (thl), a prominent player in the recreational vehicle (RV) industry, has announced the closure of its Brisbane manufacturing facility, effective December 19, 2025. This decision results in the loss of approximately 110 Australian jobs and signifies a strategic shift, with all production being relocated to New Zealand. - read more

Click for more Finance News