We are pleased to release our research report exploring the future of cash in Australia.
Our findings point to a near-medium term that is contrary to many commentators. We do not believe there is strong quantitative evidence for any recent decline in the volume of cash being used for consumer payments, nor indicators that this will change in the immediate future.
The implications of this are significant, given the recent well-publicised challenges of the Australian cash industry, centred around the viability of Armaguard. On the one hand, it runs contrary to the need for increasing industry support of the cash management industry, but rather it points to a need for stabilisation and transformation to equip the national cash system, including regulation and infrastructure, for what is likely to be a long tail of cash usage – if, indeed, it can be described as a tail yet.