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The Reserve Bank of Australia (RBA) has pointed out that older Australians and those living in regional areas tend to rely more heavily on cash. In response, Australians are being encouraged to show their support for cash by making a withdrawal today.
Financial journalist Jason Bryce, a proponent of Cash Out Day, emphasizes the importance of demonstrating that cash remains a vital part of the economy. “Australians are increasingly worried that banks are pushing us towards a cashless future,” Bryce noted.
“While we appreciate the convenience of tap-and-go, mobile, and card payments, no one voted for a completely cashless society. There hasn’t been a mandate for banks or the government to eliminate cash,” he added.
Despite the federal government’s introduction of a cash mandate this year, obligating businesses to accept cash for essential goods, they are also working to eliminate surcharges associated with card payments.
And while the federal government introduced a cash mandate this year, requiring businesses to accept cash as payment for essential goods, they have also moved to remove surcharges for card payments.
Bryce claimed the mandate was “way too weak” and said the removal of surcharges will help move people away from cash.
He said all Aussies should be worried by this news.
“The banks continue to close ATMs and continue to close bank branches, and that’s got to stop,” he said.
“All of these are bad for the future of cash in our economy. Cash is so important for so many people.”
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