Millions of Australians are preparing to make a bold statement on Tuesday by withdrawing significant amounts of cash from banks and ATMs as part of a nationwide protest against the country’s growing shift towards digital payments.
Dubbed "Cash Out Day," the grassroots initiative is spearheaded by pro-cash advocates who aim to highlight the ongoing demand for physical currency and resist the push towards a cashless society.
“Cash-Out Day is our opportunity to show banks and politicians that Australians value the ability to access and use cash,” said Jason Bryce, founder of advocacy group Cash Welcome. “Cash is legal tender, and both banks and retailers must respect the public's right to use it.”
Bryce anticipates that over two million Australians will participate in Tuesday’s demonstration by withdrawing money, sending a strong signal of resistance to the diminishing role of cash in everyday transactions.
Growing Support for the Cause
Last year’s Cash Out Day saw images of long ATM queues and supporters showcasing their cash withdrawals across social media platforms. Organisers estimate that around $500,000 was withdrawn, although official figures were not confirmed.
Despite this, the Australian Banking Association (ABA) maintains there has been “no material difference in cash withdrawals” and does not foresee a major change this time around.
“While Australians are increasingly opting for digital transactions, we are not moving to a cashless society,” an ABA spokesperson said. “Cash remains available and accessible for those who prefer it.”
A Declining Trend — But Not for Everyone
The Reserve Bank of Australia (RBA) reports that cash use has dropped sharply — from 70% of payments in 2017 to just 13% in 2022. The ABA projects this figure could fall to as low as 4% by 2030.
Nevertheless, cash continues to be vital for an estimated 7% of Australians, or more than 1.5 million people, who rely on it for 80% of their face-to-face transactions.
“Cash is more tangible for many, especially during a cost-of-living crisis,” said 7NEWS finance editor Gemma Acton. “It’s especially prevalent among older Australians and those in rural communities.”
She also cited growing frustration over digital surcharges, such as minor fees added to small purchases like coffee, which further encourages the use of cash.
Limited Access, Rising Concerns
Access to cash is becoming increasingly difficult, with 339 bank branches closing across Australia in 2023–24 alone. According to Canstar, the number of bank-owned ATMs has also plummeted — down 9,100 since its 2016 peak.
In February, Australians made 28.6 million ATM withdrawals, a decline of approximately one million compared to the same period last year, based on RBA data.
Advocacy group National Seniors Australia has voiced strong support for preserving physical currency, warning that the move toward a cashless society risks alienating older and vulnerable populations.
“Seniors often lack digital literacy and are more susceptible to online scams,” said NSA CEO Chris Grice. “Cash is familiar, reliable, and in many cases, the only payment option they trust.”
Government Response and Future Mandates
In response to these concerns, the federal government is considering a cash mandate to ensure Australians can always pay with cash for essential services such as groceries, fuel, healthcare, and utilities. The proposed mandate could come into effect by January 1, 2026.
“For many Australians, cash is more than a payment method — it’s a financial lifeline,” said Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones in a joint statement.
The proposal aims to protect those who depend on cash, especially in regional areas and among communities less able to navigate digital payment systems.
The Road Ahead
RBA Governor Michele Bullock has acknowledged the logistical challenges of maintaining physical cash circulation, particularly in light of rising transportation costs. Still, she stressed the importance of preserving access in the short term.
“Cash will likely remain for at least another decade,” she noted. “We need to ensure that distribution systems remain viable during this transition.”
As Australians head to the ATMs this Tuesday, Bryce hopes the message is loud and clear: “Cash is freedom.”
“I encourage everyone to withdraw some money — not just as a statement, but as a reminder that we have the right to spend our earnings how we choose,” he said.
“Digital payments may be convenient, but cash remains a cornerstone of our financial independence.”
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