Aussies urged to protest shift away from cash

A social media campaign is calling on Aussies to withdraw and use cash next Tuesday in a protest against the shift to digital payments.

A social media campaign is calling on Aussies to withdraw and use cash next Tuesday, April 2, in protest against the shift to digital payments.

Led by the Cash is King Facebook group, the protest is aimed at showing Australia’s banks and retailers that there is still a demand for the use of cash in society.

However, some have identified a problem with the plan, due to the disappearance of ATMs and bank branches to withdraw cash from.

“Good luck in finding a bank to go to. Most of the suburban bank branches have closed down and not everyone’s got the time to travel to on that is open and if they have it it’s probably miles away,” one commenter wrote on Facebook.

Social media posts are calling on Aussies to use cash on April 2.

The protest comes as experts predict Australia could become cashless by 2030.

The cash protest comes as Armaguard, Australia’s only cash-in-transit business is facing the prospect of collapsing due to the declining use of cash.

Statistics from the Reserve Bank of Australia (RBA) show that in 2010 more than 60 per cent of purchases were made with cash compared to just 13 per cent by 2022.

Armaguard’s owner, Linfox, has only guaranteed the company’s survival until Wednesday April 3, which prompted supermarket giant Coles to pause all Armaguard delivery services until Friday April 5 amid concerns its cash might be stuck on Armaguard trucks should the company enter administration.

As a result Coles staff have been warned they may have to temporarily convert to card only sales over the Easter weekend.

The big four banks, Australia Post and Australia’s largest retailers, who rely on Armaguard to deliver cash to stores, branches and ATMs are currently in crisis talks to formulate a funding deal to prop up the struggling cash delivery service.

The RBA, which regulates the payments industry and is responsible for printing money is also involved in the crisis talks.

The protest comes as an increasing number of Australian businesses have become cash-free.

In recent years a number of Australian businesses have become cash-free.

One notable example saw independent Queensland MP Bob Katter knocked back by the Parliament House staff dining room in February this year after trying to pay for his meal with a $50 note.

In September last year, Macquarie Bank announced it would phase out cash from its branches during 2024, while other banks have copped criticism for making some branches cashless and discouraging to deposit or withdrawal of cash at other branches.

Fast food chains such as Nandos phased out cash in 2020, while a number of KFC restaurants are also now cashless, along with big entertainment venues such as the MCG, SGC and Sydney’s Allianz Stadium.

Even the tourist destination of Hamilton Island is entirely cash-free, with no bars, restaurants, shops or attractions taking cash.

In Australia, it is legal for businesses to refuse to accept cash provided that they inform consumers of their stance before any “contract” for the supply of goods or services is entered into.