Cash Use in Australia Stabilizes, Not Going Extinct

0:00Caches in Australia has plunged more than 50% over nearly 20 years, according to the Reserve Bank of Australia's latest consumer. Payments survey for 2025. Back in 2007, over two-thirds of all transactions were in cash, but it hit rock bottom in 2022, down over 50%. From 2019, now for the first time in decades there's a slight uptick in cash payments. Some folks under 30 are ditching cash the fastest, while those over 65 still rely on it most. In-person transactions climbed from 16% in 2022 to 19% now, and payments under $10 remain the sweet spot. For cash, though the overall volume is a fraction of what it was two decades ago when 95% of those were cash. Australians are spending cash weekly about half the time, with 1.5 million classified as high cash users, handling 80% of their payments that way.

1:00Older people and lower-income households lead the pack, and it's crucial for vulnerable groups like remote first nations communities who lack easy. Digital access. Leisure spending now tops the cash list, overtaking food and retail, while transport has dropped the most things to ride shares and tap and go. The survey shows cash use, stabilizing, or even rising across every spinning category and demographic, reversing a long downward slide. No more steady. The client across ages, incomes, or locations. About 20% use cash to dodge surcharges, but the RBA is scrapping those on cards starting October 1st. Three-quarters carry cash, with a median of $65, enough for a quick backup if electronics glitch. These pushing businesses to accept cash for essentials, like groceries and fuel, amid worries over the single cash distributor, Armigard. Banks got till December 20th, 206, to team up and keep cash flowing if needed. Signalling cash, ain't going extinct just yet.

2:02That wrap Sydney News today brought to you with AI.