Australians have increasing moved to the use of cash in the face of economic adversity, according to the results of research undertaken by Bankwest.
The research found that the amount of cash in Australians’ wallets, pockets, money jars and shop tills was at an all-time high — dispelling the myth that Australia was moving towards a cashless economy.
Commenting on the research, Bankwest chief executive Paul Clark said the increased amount of cash was in circulation despite the explosion in the number of online transactions.
“The amount of cash in our society has risen 71 per cent over the past ten years, despite the online boom that has seen businesses and consumers conduct more than two billion electronic transactions last year worth nearly $12 trillion,” he said.
Clark said a number of factors were driving the rising volume of cash. These included the Federal Government’s stimulus package and the possible hoarding of cash during the recent global financial crisis.
