Cash withdrawals are rising reports RBA

The Reserve Bank of Australia today reported payments data to February 2024 showing that ATM cash withdrawals continue to rise (seasonally adjusted).

There were 30,859,700 ATM cash withdrawals made in Australia during February, up by 166,400 withdrawals from January 2024 (0.5%) and up by 1,090,200 withdrawals when compared with February 2023 (3.6%), according to the RBA.

Australians withdrew more than $9.5 billion (in total) during February 2024, an average withdrawal of $308. Twelve months ago the average ATM withdrawal was $292 (in February 2023).

"The number of ATM cash withdrawals continues to rise," said Jason Bryce, founder of the Cash Welcome campaign and a growing petition asking for mandated cash acceptance and access.

"Australians clearly want to access and use cash.

"Banks can no longer claim that Australians don't want access to physical currency as an excuse for closing branches and ATMs.

"Banks profit from digital payments through merchant service fees and card surcharges plus the collection of valuable transaction data.

"Only cash is reliable, private and surcharge-free. Without cash as a payment option, there is no competitive pressure on the banks to rein in their rising fees."

"Retailers also have a responsibility to ensure cash users can purchase food and essential groceries," said Jason Bryce

The RBA payments data shows that cash usage is not plummeting. The number of cash withdrawals has been consistently around the one million per day level for two years.

"Retailers also have a responsibility to ensure cash users can purchase food and essential groceries," said Jason Bryce.

Jason Bryce

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