Aussie banks remove even more ATMs in cashless society push
The nation's transition to a cashless system is accelerating, with ATM and bank branch closures on the rise.
Australia is witnessing a huge reduction in ATMs and bank branches as the nation embraces digital transactions. According to recent figures from the Australian Prudential Regulatory Authority, the number of bank-owned ATMs has decreased from 19,508 to just 8,836 over the past seven years, with 926 ATMs removed in the last financial year alone. Major banks, including Westpac and Commonwealth Bank, are at the forefront of these cuts.
In addition to ATM closures, Australia has seen 230 bank branches in major cities and 52 in regional areas shut down. Australia Post outlets offering cash and banking services have also reduced, with 63 closures in the past year.
Jason Bryce, founder of Cash Welcome, is advocating for banks to maintain local cash services.
"If a bank proposes to close a branch or ATM, they must publish a plan for how their customers will access fee-free local cash," he said. Bryce also called for major retailers to ensure cash access at self-checkout terminals, insisting that at least 40 per cent should accept cash.
While digital payments continue to rise, some Australians, particularly older citizens, still prefer cash.
Meanwhile, the federal government is considering banning debit surcharges by 2026, pending a review by the Reserve Bank, addressing concerns over excessive fees in digital transactions.
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