Reserve Bank of Australia (RBA) Governor Michele Bullock has projected that Australia may transition to a cashless society within the next decade, citing the declining use of physical currency and the rising costs associated with its distribution. Bullock emphasized the need for a strategic approach to ensure that cash remains accessible to those who rely on it during this transitional period.
Read More: Apple $500 Billion Investment: A Game-Changer for U.S. Innovation and Manufacturing
In response, Jason Bryce, founder of Cash Welcome, challenged Bullock’s prediction, asserting that cash will continue to play a vital role in the economy. Bryce argued that there is insufficient evidence to support the notion that Australians are moving away from cash and emphasized the necessity of maintaining cash circulation for those who depend on it.
Read More:Market Rebound: U.S. Futures Climb Ahead of Key NVDA Earnings and Inflation Data
Amid this debate, Commonwealth Bank’s chief executive, Matt Comyn, reaffirmed the institution’s commitment to providing cash services. Comyn highlighted the bank’s role in distributing over $4 billion in cash monthly and announced plans for a $100 million upgrade to its ATM network in 2025, underscoring the ongoing importance of cash to customers and the community.
