Between 55 per cent and 80 per cent of this is being hoarded.The Reserve Bank says the majority of the $100 billion of banknotes circulating in Australia are being hoarded as a store-of-value, while a similar proportion that is being used for legitimate payments is also being deployed to facilitate crime.
“Fewer banknotes used for transactions will lead to lower cash processing volumes, which further increases financial pressures across the wholesale banknote distribution industry,” the RBA said on Thursday.in January, by appointing a forensic accountant to investigate Armaguard’s books, it can now be revealed.
In contrast, demand for high-denomination banknotes has been strong and the key driver of growth in overall banknote demand, the RBA said, with high denominations growing by almost 5 per cent each year over the same timeframe.
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