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The last sentence "We here at Commonwealth Bank look forward to what a cashless society will bring to Australia" is a strange thing to write.
Aussies withdrew cash from an ATM 30,235,600 times in January (in seasonally adjusted terms), the greatest frequency since October 2022.
The total value of cash withdrawn was about $9.2 billion, which is the highest since July 2020, and the average amount withdrawn was $304.90, the highest since the reporting series began in March 2008.
This is in spite of the trend away from physical banks, with 11% of branches across Australia closing over the year to June 2023 according to APRA.
More than 164,000 Australians have now signed a petition from Cash Welcome calling for guarantees for "reasonable local access" to cash and banking services, and spokesperson Jason Bryce says this latest RBA data is proof that a cashless future is not what Aussies want.
"The increasing number of cash withdrawals is being made at a decreasing number of bank-owned ATMS, contradicting the commonly repeated bank claim that branches and ATM closures are caused by changing consumer demands," he said.
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I like this but imagine getting this printed and not realising they spelt keep wrong lol
implementing Universal Basic Income (UBI)
Public sector employees in the Chinese city of Changshu will start receiving their salaries in central bank digital currency (CBDC) next month, as China’s rollout of the financial technology continues apace.