There are more than 2 billion banknotes, worth more than $100 billion, being hoarded by Australians – that's about $4,000 per person. But as we use less cash to transact, does it still have a future?
The RBA has not updated that figure, but even if 4 per cent holds true, that is "a hell of a lot of money", Mr Kelly says.But he believes that as time passes, fewer people will want to use cash to buy goods and services, aided by new, faster and more efficient, electronic means of payments.
The cash run was detected at bank branches in late March and forced the Reserve Bank and commercial banks to store more cash in bank vaults. Ms Nassrat says she saw many of her clients withdraw cash during COVID. And even at other times, they prefer to withdraw the money they legally earned from the bank to store away for future purchases like house deposits."I did advise them that having the cash at home is not safe, and the answer I've mostly got is that 'you know, I don't want to be questioned by the bank saying why you are withdrawing this money," she says.
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