Australia will become fully cashless by 2031 as Covid-19 hastens the death of physical currency, according to most experts surveyed by Finder.
The comparison website surveyed 25 experts and 14 - or 56 per cent - said they believed the nation was on track to banish cash in the next decade.
Finder said 89 per cent believed the pandemic has accelerated its decline, a result backed up by the company’s recent analysis of RBA data, which showed ATM withdrawals had fallen 65 per cent since peaking in December 2008.
Its head of consumer research Graham Cooke said the lifespan for polymer money was shortening.
“Finder predicted a cashless society in Australia by 2036 a few years back and now even that timeline may be too far away,” he said.
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The comparison website surveyed 25 experts and 14 - or 56 per cent - said they believed the nation was on track to banish cash in the next decade.
Finder said 89 per cent believed the pandemic has accelerated its decline, a result backed up by the company’s recent analysis of RBA data, which showed ATM withdrawals had fallen 65 per cent since peaking in December 2008.
Its head of consumer research Graham Cooke said the lifespan for polymer money was shortening.
“Finder predicted a cashless society in Australia by 2036 a few years back and now even that timeline may be too far away,” he said.
Read more
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