SYDNEY - Visitors to Australia will have noticed an unmistakable change in recent years – it is becoming increasingly difficult to find somewhere to withdraw cash.
Government data shows that the number of ATMs across Australia has more than halved from 13,814 in 2017, to 6,412 in 2022. The number of bank branches has also fallen, from 5,694 in 2017 to 4,014 in 2022, down from a peak of more than 8,500 in 1993, when Australia’s population was under 18 million, compared with 26 million today.
Australian Retailers Association chief executive Paul Zahra said earlier this month that use of cash hit a low-point after the onset of Covid-19, which had led to a preference for contactless payments. He said the biggest growth in payment type had been smartphone wallets. The Australian Banking Association , which represents 20 Australian banks, including the four major ones – Commonwealth Bank, Westpac, NAB and ANZ – said last year that it did not expect cash to “disappear”.
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