If you’ve been following the news, you might have heard about the recent ‘Cash Out Day’ protest, where Australians were encouraged to withdraw as much cash as possible from ATMs and bank branches.
The goal? To send a clear message to banks, businesses, and the government: cash still matters, and many of us aren’t ready to go fully digital just yet.
But did this grassroots movement make a dent? Did the banks panic as ATMs ran dry and queues snaked out the door? The answer, according to the latest data, might surprise you.
The protest that fizzled: What the numbers say
Despite the passionate calls from cash advocates and widespread chatter online, the Australian Banking Association (ABA) has revealed that the protest didn’t quite have the intended effect.
In fact, cash withdrawals on the big day—Tuesday, 22 April—were 20 to 30 per cent lower than the previous Tuesday. Instead of a run on the banks, there was a noticeable drop in cash withdrawals.
This trend wasn’t just a blip, either. Withdrawals were also down compared to last year’s day, based on preliminary figures from three Big Four banks: Commonwealth Bank, Westpac, and NAB.
Even ATMx, which operates nearly 1,800 cash machines nationwide, reported no significant spike in activity.
Why didn’t Aussies rally behind the cause?
So, what happened? Last year, Jason Bryce, founder of the ‘Cash Welcome’ campaign, organised a similar protest.
He estimated that up to two million Australians would participate this time around, but the numbers just didn’t add up.
One possible reason is that the government has since announced new legislation, set to take effect in 2026, that will require essential services—think supermarkets, mechanics, and doctors—to accept cash. With this reassurance, some may have felt the urgency to protest had passed.
But for many, the issue runs deeper than just one day of action.
The bigger picture: Why cash still matters
Chris Grice, CEO of National Seniors Australia, has participated in both Cash Out Days. He believes the protest is about more than just cash—it’s about keeping options open, especially for older Australians.
‘It is use it or lose it,’ Grice says. ‘Even if you’re using digital transactions, every so often just keep money circulating in the community, because governments, banks, and corporate Australia will just go, ‘Well, they’re not using it, so we don’t need to keep it in place.’’
For many over-50s, cash isn’t just a preference—it’s a lifeline. The rapid shift to digital payments, branch closures, and removing ATMs can leave those less comfortable with technology feeling left behind.
And let’s not forget the risks: online scams, outages, and the loss of privacy that comes with every tap and swipe.
The decline of cash: A worrying trend?
The numbers tell a stark story. According to the Reserve Bank, cash payments have plummeted from around 70 per cent in 2007 to just 13 per cent in 2022. That’s a dramatic shift in just 15 years.
However, a recent poll of more than 21,000 respondents found that 89 per cent believe Australian businesses should be forced to accept cash. Clearly, there’s still strong support for keeping physical currency in circulation.
It’s not just about cash: The ripple effects
The move towards a cashless society isn’t just about how we pay for our groceries. It’s about access, inclusion, and choice. As Grice points out, it’s also about:
- Branch closures and reduced face-to-face banking
- ATMs disappearing from regional and suburban areas
- Non-bank ATMs charging hefty fees
- Retailers refusing cash or adding surcharges
- The phasing out of cheques
- The vulnerability to online scams and technical outages
For many older Australians, these changes can feel overwhelming and unfair.
What can you do?
If you value the option to use cash, there are a few simple steps you can take:
- Use cash regularly, even for small purchases, to keep it circulating
- Support businesses that accept cash and let them know you appreciate it
- Speak up—contact your local MP or join advocacy groups like National Seniors Australia or Cash Welcome
- Stay informed about your rights and any upcoming changes to payment laws
Your say: Is cash still king?
We want to hear from you! Have you noticed fewer places accepting cash? Do you worry about a cashless future, or do you prefer the convenience of digital payments? Have you been affected by branch closures or ATM removals in your area?
Also read: Is cash still king? A subtle clue on the Australian $10 note suggests otherwise
Maybe the banks just shut the EFTPOS machines down on that Tuesday so you couldn’t use them. They have the technology.
Went to get petrol the other day and their machines ( two of them) were down so I just paid cash. Many couldn’t so the queue was out the door. What would happen in these situations if there was no cash?
Of course we need to keep cash as an equal option.
It’s a no brainer.
I only use cash where I can. I pay my bills etc on payday, then withdraw my spending funds out for the fortnight.
I’ll NEVER use card when paying for my general spending or food!
As for petrol, it’s ‘pay at the pump’ only at my local unmanned servo. I’m OK with this, as there’s no surcharge for doing so, and it’s regularly 10 cpl cheaper than other manned servos.
This ‘cash out Tuesday’ wasn’t very well advertised. I didn’t know about it until after the day. It was my regular cash out day, anyway, so it didn’t make much difference to me.
As for businesses charging a ‘fee’ for using ‘fantastic plastic’, they have to recoup their fees being charged to them by the providers of the machines, etc.
If businesses put up 2 prices – one cash, and the other for card purchases, some may think ‘Is it really worth the extra charge for using card?’
Me, I don’t want to reconcile a 10 page bank statement each month (I keep a very keen eye on everything I spend), just for being able to use card all the time.
There’s also the possibility of ‘running out of money in your bank account’ if you use card only transactions. There’s no ‘credit card’ available for those who rely only on the pension, and I won’t ever use BNPL schemes.