As Australia marches towards a more cashless future, the elimination of ATMs looms on the horizon, with predictions suggesting that by 2055, the country could be devoid of cash machines. This alarming forecast comes from Merchant Machine, which analysed the decline in ATMs globally over the past decade. The reality is further underscored by a survey from Yahoo Finance, where a striking 93% of respondents expressed their discontent regarding the shift towards a cashless society.
Despite these sentiments, Graham Cooke from Finder emphasized that Australia has already largely adopted digital transactions. The gradual removal of ATMs and the closure of bank branches may soon leave Australians with little choice in this digital shift.
### Declining ATM Availability
Research reveals that there has been a significant reduction of more than 15% in ATM availability per 100,000 people in Australia from 2012 to 2021. If this trend persists, it’s projected that Australia could be without any ATMs within the next 30 years. Merchant Machine rates Australia equally with Estonia in 12th place among countries facing an imminent ATM extinction, with Norway and Ireland leading with just 11 years left before they may similarly become ATM-less.
In Norway, a significant 44.52% decline in available ATMs was noted during the same period, closely followed by Ireland at 41.92%. Interestingly, both countries have recently enacted legislation intended to safeguard access to cash.
### Current Cash Landscape
As of October, Canstar reported 5,476 ATMs across Australia, which is a drastic reduction of 6,084 since 2019. The Commonwealth Bank holds the largest network, operating nearly 2,000 machines, while ANZ follows with just 866.
Research by Money.com.au indicates that cash, although on the decline, still holds a place in the hearts of many Australians. A survey revealed that 68% of respondents support mandatory cash acceptance by all businesses, with only 5% favourable towards a fully cashless policy. Sean Callery, a finance expert with Money.com.au, argues that cash remains a reliable payment option, particularly during outages or technological glitches. Many Australians prefer cash to avoid surcharges associated with card payments.
The Australian Banking Association forecasts that cash transactions will plummet to a mere 4% of all payments by 2030, a significant drop from 70% in 2007 according to Reserve Bank data. ATM withdrawals have steadily decreased since 2009, falling from 75 million monthly transactions to approximately 28 million today.
### Conclusion
Cash advocacy is gaining traction, with calls for banks to ensure continued access to ATMs. Jason Bryce, a prominent cash advocate, insists that banks have a social and economic obligation to maintain this vital component of national infrastructure.
The journey towards a cashless society in Australia is already well underway, even as public sentiment leans towards preserving cash availability. As these shifts unfold, balancing the convenience of digital transactions with the community’s desire for cash access will remain a critical discussion point in the years to come.
