Cash Comeback: Australian Cash Circulation Increases
Cash Comeback: Australian Cash Circulation Increases
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.
In an era dominated by digital transactions, Australians are increasingly gravitating back to using cash, evidenced by a $300 million surge in cash use over the past few months.
Despite the numerous closures of bank branches and ATMs, this trend highlights an unexpected rebound in physical currency preference.
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."
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
The Reserve Bank of Australia’s latest retail payments figures, released on 7 July 2026, add another useful snapshot of how Australians are managing day-to-day spending and short-term debt. In May 2026, total purchases on Australian-issued cards reached $99.7 billion, with credit and charge cards accounting for $40.7 billion and debit cards making up $59.0 billion. Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check! - read more
Australia’s appetite for personal credit has shown another lift, with the Reserve Bank of Australia’s latest financial aggregates pointing to renewed momentum in May 2026. The data, released on 30 June, shows personal credit rose by 0.6 per cent over the month, up from 0.2 per cent in April. Over the year to May, personal credit was 4.4 per cent higher, compared with 2.9 per cent annual growth at the same point last year. - read more
ASIC’s latest review of the car finance market is a timely reminder that the cheapest-looking loan is not always the cheapest loan. Released on 24 June 2026, the regulator’s Report 832 examined more than 350,000 car loans across eight finance providers and found concerns around loan costs, third-party distribution and how lenders monitor outcomes for customers. - read more
Maintaining a good credit score is crucial for financial health. In Australia, a solid credit score can unlock better interest rates, higher credit limits, and improve your chances of loan approval. - read more
Embarking on the journey to secure a personal loan can often seem like navigating through a complex financial landscape. Particularly for Australians, where the market is bustling with a multitude of lenders each with their respective criteria and rates, increasing the chances of loan approval is a pursuit that requires insight and preparation. - read more
Stepping into the realm of loans and finance can be a daunting endeavor, but it all begins with a solid foundation in personal budgeting. Understanding how to manage your money effectively is not just a skill—it’s a crucial aspect of securing financial stability and achieving peace of mind. By tuning in to your finances and preparing a thought-out plan, you’re setting the stage for a well-informed loan application process. - read more
Need Help Finding a Loan?
Find out now if you qualify and compare
rates, offers and options from multiple lenders - without a credit check!
All finance quotes are provided free (via our secure server) and without obligation. We respect
your
privacy.
Knowledgebase
Liquidity: The ease with which an asset or security can be converted into cash without affecting its market price.
No comments yet. Be the first to share your thoughts.