Hi Cash Lovers,
Since the end of COVID demand for cash has outstripped supply, but you might not know that if you read the Sydney Morning Herald, which has recently (wrongly) predicted the terminal decline of cash and is now calling for government action to transition to the cashless future.
Last July SMH Senior Economics Reporter Shane Wright declared that Australia has reached "peak cash," and cash is now in terminal decline, like a diminishing, limited fossil fuel.
But cash is not running out. Demand for cash has remained strong since the end of the COVID pandemic.
ATM withdrawal numbers are steady, despite fewer ATMs and notes on issue remain at historical highs.
Last week, an extra $60 million worth of cash was delivered into the Australian economy to take the total value of notes on issue to $101.314 billion.
That's UP $519 million from $100.795 billion when Shane Wright announced 'Peak Cash' in July 2023.
There may not be as many ridiculous "Cashless society" stories in the Australian media as there have been in the past but this one is a classic of the genre: "Australia could be cash-free in five years."
Firstly, there's no doubts expressed in this article about the merits of the cashless future. Professor Richard Holden has certainly nailed his colours to the mast in declaring recently that cash is only used by criminals and the elderly.
The government must educate people about the benefits of going cashless say Wilson and Holden:
"Banks and politicians often tread carefully around [going cashless], mindful of the large voter and customer base who still want the option of cash preserved.
But this caution may be delaying crucial discussions about how to better prepare and support those who will inevitably face this digital shift."
This is dangerous and patronising.
Financial institutions and card schemes do not require taxpayer support to market their products - cashless transactions.
"Banks aren't the villians in the story" says Bec Wilson.
"The truth is, banks aren’t profiting off every tap; they provide the infrastructure, and it costs money to maintain. Much of the fees you pay at the checkout are set by the retailers themselves."
The real truth is:
Banks and card schemes charge retailers merchant service fees based on rental of hardware, transaction volume and value.
Retailers are prohibited BY LAW in Australia from profiting from card transactions - retailers can only PASS ON costs charged to them by banks.
Bec Wilson seems to imply retailers are profiting from card transactions, which is illegal in Australia.
The Cashless Society is NOT inevitable in Australia, it's not even possible, because the banks can't build a reliable, private, free cashless payment system.
So they have to stop restricting our access to our legal tender - cash.
Cash Welcome is just me - Jason Bryce - sending emails, contacting TV, radio and print journalists, running the social media pages and the petition.
Please support me to keep demanding action to protect our right to choose how we pay, backed by donations from consumers and business and companies in the cash industry.
Please share our petition with your social networks:
https://www.change.org/SayNOtoCashlessAustralia
We need to keep this campaign going to maintain the pressure on banks and government.
Please check out our Cash Welcome online shop or support our message by making a contribution to our:
Cash Welcome gofundme account.
Alternatively, please make a small, affordable deposit to:
Cash Welcome
Commonwealth Bank
BSB 062-692
AC 4954 6502
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Thanks and yours sincerely,
Jason Bryce
Jason@CashWelcome.ORG