Show me the money! Peak body’s campaign encourages cash use

A peak body's campaign to ensure cash remains accessible and accepted across Australia is being "enthusiastically" responded to.

The National Seniors Australia (NSA) 'Keep Cash' campaign encourages retailers to display the peak body's 'We accept cash' stickers to combat the digitalisation of payments.

NSA chief Chris Grice said the move to a "cashless society" came at a time of great concern, especially for older Australians.

"The use of cash is no longer the norm but the exception," Mr Grice said.

"Customers often need to ask if their cash will be accepted and can feel apologetic about it.

"This shouldn't be the case."

According to the Reserve Bank of Australia (RBA), cash payments halved from 32 per cent to 16 per cent of in-person transactions over the three years to 2022.

A survey found that 18 per cent of respondents over 65 were classified as high cash users.

Between June 2022 and 2023, 424 bank branches closed – 122 in regional Australia.

Last year, Macquarie Bank announced it would phase out cash across all its branches by November 2024.

This year, NAB announced plans to close around 36 branches nationwide.

Commonwealth Bank of Australia has closed 354 branches and 2,297 ATMs in the past five years.

"Bank closures impact older people who are less inclined to bank online or travel to another branch," Mr Grice said.

"For people in regional areas, travelling to another branch may not be feasible.

"Closures need to be considered with older people in mind, to ensure they can access cash, transfer money, pay for groceries and bills just as they always have."

While cutting out cash can increase safety and convenience, fears remain that vulnerable people, such as older Australians or those with disabilities, will be disproportionately affected by the transition into a cashless society.

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