In an era where digital transactions are swiftly becoming the norm, many Australians are taking a stand to remind the nation of the value of cold, hard cash.
On a day dubbed ‘Cash Out Day’, individuals nationwide are set to withdraw large sums of money from banks and ATMs.
This nationwide protest, scheduled on 22 April, aims to challenge the increasing shift towards digitised payments and the looming prospect of a cashless society.
The initiative, driven by advocates of physical currency, is not merely a nostalgic clutch at the past; it’s a statement about choice, accessibility, and the continued relevance of notes and coins as legal tender.
Jason Bryce, the founder of Cash Welcome, said: ‘Cash-Out Day is our chance to show the banks and politicians that Australians expect to be able to access and use cash.’
‘Physical cash is our legal tender, banks need to give us access to our cash, and all retailers must accept cash.’
Two million Australians are expected to withdraw cash on 22 April, signalling a clear ‘no’ to the idea of a cashless future.
The movement has garnered significant attention, with long queues at ATMS at last year’s Cash Out Day and social media filled with images of participants proudly displaying their withdrawn cash.
Although the total withdrawn is not officially known, the pro-cash community reported a collective withdrawal of $500,000.
Despite this, the Australian Banking Association (ABA) has downplayed the impact, stating there was ‘no material difference in withdrawals of cash’.
‘Whilst Australians are using less and less cash, we are not going to be cashless,’ an ABA spokesperson commented.
‘Australians don’t need to change their behaviour when it comes to withdrawing cash, it will continue to be available and accessible to those who wish to use it.’
The decline in cash usage is indisputable. The Reserve Bank of Australia (RBA) reported a drop from 70 per cent of consumer payments in 2017 to 13 per cent in 2022.
This trend is expected to continue, with projections suggesting that cash transactions could fall to just four per cent by 2030.
According to Gemma Acton, finance editor of 7 News, cash remains a crucial payment method for specific demographics, including older Australians and those in regional and rural communities.
‘During a cost-of-living crisis, you will see an uptick in people using cash because it’s so much more real when you hand over cash and get change, coins in your pocket, compared to just tap-and-go,’ she said.
‘There’s also been a backlash on surcharging recently. You pay for a $4 coffee and suddenly it’s $4.17 instead, so there are many reasons why cash is still very much alive and well, even if not used by a great majority of people.’
Accessibility to cash has also become a growing concern. With 339 bank branch closures in the 2023 to 2024 period alone and a significant reduction in ATMs, obtaining cash is becoming increasingly difficult.
Banks frequently cite customers’ significant shift towards digital banking to close branches. However, the four major banks have committed to not shutting down any more regional sites until at least 2027.
The situation is increasingly bleak for Australians seeking ATMs, with the number of machines owned by banks and credit unions falling by 9,100 since their peak in 2016.
According to RBA data, Australians made 28,584,000 withdrawals from ATMs in February, down about one million transactions compared to the same month in 2024.
National Seniors Australia (NSA) has been vocal about the importance of retaining physical currency. They even launched their own Keep Cash campaign.
‘Many seniors are not comfortable banking online because they’re not tech savvy, and they’re concerned about online and credit card scams,’ NSA chief executive Chris Grice said.
In response to these concerns, the Australian government has proposed a mandate to ensure cash remains an option for essential purchases.
This mandate is expected to cover supermarkets, utilities, petrol stations, and other essential service providers and will be implemented on 1 January 2026.
RBA’s Michele Bullock has acknowledged the challenges of maintaining a cash distribution system. Still, he affirmed the commitment to ensuring ‘cash remains a viable means of payment for as long as Australians want or need it.’
Bryce encouraged Australians to participate, stating, ‘I urge everyone to take out some money from your account, keep it in your purse or wallet for spending and emergencies, and enjoy the freedom we enjoy to spend our money how we like.’
Do you prefer the convenience of card payments or the tangibility of cash? Will you join Cash Out Day? Share your thoughts about this movement in the comments below.
Also read: Is cash still king? A go-to spot backtracks on cashless policy after customer outrage
Well, I withdrew my ‘regular’ fortnightly funds out today. I didn’t know today was the ‘special’ day in a month or so that others withdraw funds out in ‘protest’. I’d join them any day that’s a ‘pension’ day 🙂
I use both. It’s easier to pay bills online, but I like to have cash in my purse for other things.
I always wonder what will happen if there’s a major electricity failure and we were in a cashless
Society…. no bills paid, no groceries, no nothing!!!
Riots, trying to get food even.
CASH is legal tender in Australia…. let it STAY THAT WAY!!
It’s stupid of activists who never use cash, to just withdraw it on one day a year and think they’re contributing something to society. They’re not!
Unless you do it regularly in your life it’s a vacuous, feel good action. What are the odds these vacuous people are only doing it for a photo opportunity? Or for virtue signalling?