Australians Embrace Cash: A Stand Against Digital Transactions

The initiative was spurred on by the Cash is King Australia group on Facebook, which boasts over 27,000 members. The group declared June 14th as a “Cash Out Day,” urging its followers to actively withdraw cash from banks or ATMs.

"June 14th is Cash Out Day," wrote the group on Thursday night. "Visit bank branches or ATMs, withdraw your money, and use it to preserve our cash economy."

This call to action received significant support online, with numerous posts showing victorious cash withdrawals.

One Sydney resident shared, "I withdrew cash this morning in Sydney CBD. Let's show them we're committed to maintaining cash as an option!" The post was accompanied by a photo of freshly withdrawn $50 bills.

Another member commented, "Fantastic! It's heartening to see people in Sydney CBD standing up for their right to use cash. Let's continue the fight for our financial independence!"

Some participants boasted about withdrawing large sums of money, while others encouraged the use of cash to ensure it remains a viable option in daily transactions.

One participant shared a nervy experience, "I thought my card got stuck ... had a moment of panic ... then the machine flashed ‘out of order’. I must have taken the last $200 for the morning ... indeed, cash is king."

This recent event highlights an ongoing movement against the increased prevalence of card-only payments, a protest that began gaining traction in April.

Despite this enthusiasm, statistics show a decline in ATM usage across Australia since 2008. According to the Reserve Bank of Australia (RBA), both the number and value of ATM withdrawals have decreased by approximately 60% and 40%, respectively.

This decline was further exacerbated by the Covid-19 pandemic, which led to a sharp drop in cash withdrawals. Although there has been some recovery, it has not returned to pre-pandemic levels.

Blake Antrobus of NewsWire reported that this cash withdrawal campaign underlines a broader societal debate on the future of financial transactions amidst the rapid rise of digital and card payments.