Record $9 billion of cash withdrawals post-COVID show Aussies want cash – but ATMs diminishing

ALTHOUGH the Reserve Bank of Australia has reported that more than $9 billion worth of cash withdrawals were made in Australia during January 2025 – a new post-COVID record for January – the Cash Welcome movement is worried about the dramatic fall-off in ATM availability.

According to the Cash Welcome campaign, the numbers show banks are pushing people towards a cashless future “against their will”.

Research from the RBA showed $9.01 billion was withdrawn by Australians during January 2025, up from $8.92 billion in January 2024, $8.97 in January 2023 and $8.4 billion in January 2022. 

Meanwhile the number of ATMs in Australia has fallen from 25,663 in December 2021 to 23,518 in December 2024 – and this is happening while banks are steadily closing their branches.

“There is no decline in the use of cash in Australia since the end of the COVID pandemic,” Cash Welcome campaign spokesperson Jason Bryce said.

“There’s a big decline in the number of bank branches and ATMs, so banks are clearly pushing us toward a cashless future, against our will.  Since COVID there has been an obvious change in behaviour around cash and payments.

“Banks and the RBA need to acknowledge that there’s plenty of demand for cash in Australia and no reason to believe that cash is disappearing.”

Consumer group Choice reported last week that 97% of 13,000 Australians surveyed support a cash mandate and 80% use cash, according to Mr Bryce.

“Banks want a cashless Australia, not business or consumers,” Mr Bryce said. “Australians want the right to choose how we pay.

“Banks must stop closing branches and ATMs and pay for the distribution of our legal tender in every town and community,” Mr Bryce said.

Cash Welcome has created a Change.org petition which already has more than 200,000 signatures calling for a cash and banking guarantee:

https://www.change.org/BankingAndCashGuarantee

RBA data on ATM cash withdrawals post-Covid

These are the monthly ATM withdrawal numbers, cut and pasted from the RBA's C4 ATM Cash Withdrawals (seasonally adjusted). Supplied by Cash Welcome campaign.

Supplied by Cash Welcome from RBA reports.

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