Name: Australia on track to become cashless by 2030
Uploaded: 2026-01-05T06:16:03.315Z
Duration: 1 min 31 s
Description: Despite a record number of banknotes in circulation, Australia is on its way to becoming a cashless society by the end of the decade.

Despite a record number of banknotes in circulation, Australia is on its way to becoming a cashless society by the end of the decade.

Council of the City of Sydney

Australia is seeing a record number of banknotes in circulation, even as the country moves toward a predominantly cashless society by 2030. Experts attribute the continued use of cash to economic uncertainty and a lack of trust in technology, while the number of bank-owned ATMs has dropped significantly in recent years.

Despite the trend toward digital payments, new laws now require supermarkets and petrol stations to accept cash, emphasizing the importance of consumer choice. Advocates argue that maintaining cash as a payment option is vital for redundancy and accessibility in a large economy.

Australia on track to become cashless by 2030

For some, cash will always be king. When I've got cash in my pocket, I feel like I'm in control. I've got control of my budget and my information. And Reserve Bank data shows a record number of notes are circulating. Experts say a lack of trust in technology and economic uncertainty could be the reason. Because of living crisis, we are also facing a lot of global uncertainty these days. So under these circumstances, that is where a lot of Australians keep some cash. But we're still on track to become a cashless society by 2030. I do think that it is inevitable that a functionally cashless society is coming in the next few years. I used to have like $20 in my wallet just in case and sat there and sat there. Card 99% of the time. I think it's just the convenience and that you don't have to carry a full wallet. Functionally cashless is where 90% of everyday transactions are digital. But some don't want to go that far. We can't have an economy as big as ours without having redundancy built into it. The number of bank owned ATMs has dropped significantly over the past eight years, from almost 14,000 to a little over 5,000 across the country. Advocates say this means Australians are having to travel further to find a branch or cop a cash out surcharge. It's now mandatory for supermarkets and petrol stations to accept cash under new laws that came into force this year. Backed by researchers who say choice is critically important. Ashley Paholic, 10 News.

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