Once the ruler of retail, cash now spends more time hiding under mattresses than exchanging hands at checkouts.
Back in 2007, cash was used in 70 per cent of all transactions. Fast forward to 2022, and just 13 per cent of payments took place in cash as more consumers embraced paying with card, according to Reserve Bank data.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
