Dear Cash Lovers,
The big four banks are asking the Australian Competition and Consumer Commission (ACCC) to greenlight a collective takeover of cash supply in Australia.
To make submission, use the web form link.
The same banks that complain about the cost of distributing cash want to control all our cash as one big jointly-owned pool.
Central banks in other countries are managing cash access and availability to ensure the cash system thrives and is viable for the long term.
Cash is publicly-owned money, owned by the central bank on behalf of the people, for the people.
The big bank's proposed Joint Venture Company could conceivably be in a position to raise prices or otherwise squeeze the supply of cash to commercial customers.
NCR Atleos operates the biggest network of ATMs in Australia and wants prices for cash access to be regulated.
Australia Post is concerned that the banks will tie up cash distribution for 20 years without revealing the prices they're going to charge their commercial customers.
Bank control over our essential cash supply is of particular concern to industry insiders.
Banks have pursued digital-first strategies, including reducing physical branch networks and ATM availability.
Allowing these same banks to control the national cash pool creates a clear misalignment between commercial incentives and public need.
The ACCC's Commercial Cash Distribution Authorisation consultation process is open for submissions until the 10th July.
To make submission, use the web form link.
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Cash Welcome
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Thanks and yours truly,
Jason Bryce
jason@cashwelcome.org
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