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Highlights
- Australia is expected to become completely cashless in the coming 10 years as the coronavirus pandemic is accelerating the phasing out of physical currency.
- Of the 25 experts surveyed, more than half (56%) said that the country was all set to be fully cashless by 2031.
- According to October’s Finder RBA Cash Rate Survey™, 89% out of 28 respondents were of the view that the COVID-19 pandemic had accelerated the fall of paper money.
Australia is expected to become completely cashless in the coming 10 years as the coronavirus pandemic is accelerating the phasing out of physical currency, according to a survey. Of the 25 experts surveyed, more than half (56%) said that the country was all set to be fully cashless by 2031.
According to October’s Finder RBA Cash Rate Survey™, 89% out of 28 respondents were of the view that COVID-19 had accelerated the fall of paper money.
As per the comparison website, Finder’s analysis of the Reserve Bank of Australia’s (RBA) data, the number of ATM withdrawals has declined by 65% with its peak in December 2008.
In a separate survey of 1,015 Australians, Finder also found that 40% of people were using less cash than this time the previous year.
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Paper money’s lifespan is shortening, and cash-only businesses are few and far between, said the head of consumer research at Finder Graham Cooke. These businesses are expected to get even rarer," Cooke added.
A few years ago, Finder had predicted a cashless society in Australia by 2036.
Survey on RBA rate cut
Meanwhile, all panellists (39/39) expect a cash rate hold in October, while 77% expect the rate to remain stagnant until 2023 at 0.10%.
RBA will announce its decision on monetary policy on Tuesday. Market participants expect the central bank to have an on-hold stance. According to them, the RBA may not bring about any changes to the cash rate and financial facilities programs. The RBA had already reduced the weekly bond-buying to AU$4 billion. In today’s meeting, the focus of market participants would be on how policymakers evaluate economic performance.
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