There is more cash out there than ever before
There is more cash is circulation than ever before, leading to speculation that Australians are hoarding money at home. A six per cent rise in the number of ATMs to over 27,000 is also being named as a reason why Aussies seem to be using more cash.
A record $46 billion in notes and coins is being held by Australian households and businesses which is $4.9 billion more than last year, an increase of 12 per cent according to the Bankwest Cash Report 2009.
That is equal to $2,092 for every man, woman and child, almost $900 more than a decade ago, and $221 more than the figure from last year.
“The amount of cash in our society has risen 71 per cent over the past 10 years, despite the online boom that's seen businesses and consumers conduct more than 2 billion electronic transactions last year worth nearly $12 trillion,” said Bankwest Business CEO Paul Clark.
“It is also possible that many people started hoarding cash during the crisis.”
Source: Herald Sun