This Month
Cash may be gone in 10 years: RBA’s Bullock
Governor Michele Bullock says cash may only be around for 10 years. But unlike Donald Trump, she sees no role for bitcoin in central banking or payments.
Union bid for banks to pay up in Armaguard cash crisis talks
The Transport Workers’ Union will use Labor’s new supply chain laws to force big banks and retailers to contribute their “fair share” to Lindsay Fox’s troubled cash transit business.
Banks strike Australia Post deal to bolster rural branches
Lenders will extend moratoriums on country branch closures and have agreed to lift funding for over-the-counter services provided at post offices.
Major banks ready to carry Westpac’s Armaguard load
The banks and regulators met on Wednesday afternoon without the cash transit monopoly to work out how to replace Westpac’s unique cash distribution operation.
Westpac’s Armaguard deal complicates negotiations to save banknotes
The major banks are scheduled to meet with the Lindsay Fox-owned cash transportation business in the hope of keeping the company afloat and money circulating.
Banks and Armaguard revisit life support for cash distributor
Banks expect Armaguard to confirm its banknote distribution operation is on rocky financial footing this week, but the future of the Linfox-owned business is anyone’s guess.
December 2024
CBA backs down on withdrawal fee after Chalmers leans on Comyn
Treasurer Jim Chalmers had called the $3 charge for branch withdrawals “unacceptable”. Australia’s largest bank reconsidered.
November 2024
Fed’s favoured inflation metric edges up, GDP steady
The data bolsters comments by many Fed officials that there’s no rush to cut rates so long as the labour market remains healthy and the economy strong.
Cash to stay king for essential products
The federal government will also call time on the use of cheques in the Australian economy, limiting their use from 2028.
Seven charts that show the mystery of Australia’s cash hoard
As cash use plummets in Australia, banknotes linger – stashed for emergencies, savings, or used in black-market trade.
September 2024
RBA warms to its own digital currency – but only for other banks
The central bank says it could save billions of dollars by making transactions faster. But it has decided digital cash for the public is far riskier.
Inside the plan to rescue cash: Smart ATMs and keeping it off the road
Three months since banks threw Armaguard a lifeline, a more sustainable model for cash distribution is taking shape, including ATMs that combine deposits and withdrawals.
August 2024
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
June 2024
Armaguard and the banks now trust each other, says Linfox chairman
There has been a big turnaround in the relationship between the cash transport monopoly and its eight biggest customers.
In the Armaguard deal, keeping cash flowing was about more than money
How the Fox family and Bill Kelty finally got a deal with the banks to secure a viable future for the cash distribution business despite a dramatic fall in the use of cash.
Armaguard secures deal with banks, supermarkets to save cash
Months after a bailout collapsed, the eight largest customers of Linfox’s Armaguard have agreed to a $50 million injection to keep cash circulating.
Why Apple’s new iPad calculator is causing excitement
From calculators to new payment features to let you split the bills in restaurants, Apple announced updates that will affect iPhones, iPads, Macs and watches.
May 2024
Labor steps up fight to stop dirty money from buying homes
Proposed anti-money laundering rules will rope in real estate agents and lawyers, amid concerns Australia could become a destination for dirty cash.
April 2024
Chalmers reassures on cash supplies after Armaguard meeting
The government wants Armaguard, together with the banks and major retailers, to deal with the challenging economics of the cash distribution industry.