Hi Cash Lovers
Everyone standing up for our right to choose cash has been given an early Christmas present by new RBA governor Michelle Bullock who has committed to saving the cash system.
Six months ago the previous governor, Phillip Lowe, seemed to take delight at the prospect of a cashless Australia.
“We also remain focused on access to cash for Australians," said Bullock.
"This issue has received some attention in the press recently and I expect it’s gonna get a lot more ... "
Michelle Bullock is aware of our campaign, has seen our media appearances and she knows we aren't going away.
" ... the RBA places a high priority on the community continuing to have reasonable access to cash," said Bullock.
" ... industry, regulators and government will need to continue to work together to put in place sustainable arrangements for cash distribution.
"We are keen to see the industry maintaining a broad coverage of ATMs at reasonable prices, particularly in regional and remote areas," said Bullock.
In off-the-cuff remarks Michelle Bullock said: "I had no sympathy for my son when his card didn't work and he had no cash on him at the petrol station."
This is a 180-degree turnaround from the attitude of the previous governor Philip Lowe who seemed delighted in May at the prospect of a cashless society in Australia:
“ ... cash now accounts for just 13 per cent of consumer payments, 13 per cent," Lowe told the RBA Board dinner in Perth.
"Fifteen years ago, that's not that long ago, the figure was 70 per cent. ... it's a big change and I expect that when I'm in Perth, hopefully in no more than in three years time, the decline will be accelerating further .... "
Bullock discussed some options for supporting the cash distribution industry.
The best, easiest, cheapest solution to the cash crisis in Australia is for government to confirm that Australians have a right to choose cash to pay for food and essential groceries.
The next best solution is for banks to be required to maintain our access to cash services in our local communities.
The other option is for banks to fund a minimum number of ATMs in local areas. But there would still be no incentive for them to support cash and they would continue to herd us into cashless transactions.
Please share our petition to keep the pressure on - the banks, the government and the RBA.
https://www.change.org/BankingAndCashGuarantee
Thanks
Jason