Cash must be welcome throughout our economy to ensure that everyone can participate.
Without cash, our privacy is at risk because all our transactions are recorded. Banks, lenders, insurers, search companies and others may ask for our transaction history or use our transaction information in ways we don’t understand.
With cash, everyone can budget easily, set limits and understand what’s going on, without fees and other parties in the transaction.
University research has described the ‘war on cash’ and issued a dire warning.
Retailers must provide a surcharge-free option for consumer payments
Are we being herded into a cashless society? Australia lost 643 bank branches and a massive 4,194 bank-owned ATMs in the four years to June 2020 according to the Australian Prudential Regulatory Authority and the trend has accelerated since then.
Reserve Bank of Australia data released on 7 September 2020 shows Australian consumers have rushed back to cash after an initial COVID-19 related scare campaign.
The essential role of cash in the economy is recognised in last week’s Reserve Bank of Australia Payment System Board update. However, unlike the RBNZ, the RBA does not propose concrete actions to protect the cash economy.
Media supporting cash