Australia is going to be cashless in five years: Here’s what you need to know
Joining me is Dr. Richard Holden, Professor of Economics at the University of NSW, futurist and author of Money in the Twenty-First Century: Cheap, Mobile, and Digital. And Kylie Hall from CBA.
The percentage of cash transactions is likely now well into the single digits, and many people in midlife and beyond are feeling anxious. Concerns range from big banks charging "outrageous fees," to the fear of being without cash during natural disasters, and the risks of scams or having money stolen online. These are all perfectly valid concerns. So today, we’re going to dig into what’s really happening as cash disappears in Australia over the next five years.
I’m about to bust this wide open. We're tackling your concerns head-on and debunking the myths around who stands to win or lose as we shift to a cashless society.
Joining me is Dr. Richard Holden, Professor of Economics at the University of NSW, futurist and author of Money in the Twenty-First Century: Cheap, Mobile, and Digital. I’m also talking to Kylie Hall, Queensland State Manager of the Commonwealth Bank.
Dr. Holden is one of the leading voices on the future of cash. He has a deep understanding of how fees are actually charged on digital transactions, what governments should be doing in the face of natural disasters that wipe out power and internet, and what’s really coming down the pipeline in the next few years. His research is unbiased, and he’s extensively studied the decline of cash and its ripple effects. And Kylie Hall is at the coalface when natural disasters strike so she’s seen and managed what really happens.
Here’s why I’m passionate about this: I think cash lobby groups are playing on your fears, amplifying them to boost their own influence. Instead of fearmongering, we need to focus on educating, guiding, and helping people calmly navigate these changes and put in place new ways of doing things. Right now, we’ve got time to learn and adapt — so let’s use it to point to what we need to do, and help people, governments and businesses get there.
The reality is, cash will likely fade out over the next five years, whether we like it or not. Rather than resisting or ignoring the change, it’s smarter to understand the alternatives and the steps that governments, businesses, and financial institutions are already taking to ensure we all have safe, reliable ways to manage money in a cashless world and drive them to do more of what we need. We need to engage with this shift and prepare ourselves for the future—because it’s going to be effectively cashless.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of this episode:
When will Australia truly become cashless, and how will it happen?
Bank fees: How are fees on digital transactions really charged? Is it the retailer or the bank behind them?
How might transaction fees evolve in the coming years?
How can we better handle the need for cash during natural disasters in both urban and regional areas? What are banks and governments responsible for?
Scams: What are the real risks of digital transactions, and how can we protect ourselves?
Who’s responsible for educating senior Australians about digital banking, and what do we need to be learning?
Can lobbying for cash make a difference, and what’s the real motive behind the cash lobby groups?
From Bec’s Desk
This podcast is fascinating and packed with information! I’m so thrilled we were able to bring in someone as independent and knowledgeable as Dr. Holden to help everyone get a better handle on the changes ahead. I know this might stir up some criticism, but I encourage you to listen with an open mind. My job is to educate, and that means tackling tough topics—so we can help people understand and prepare for the world that’s coming. And to ensure you don’t get stuck and left behind in a cash lobby that can’t win.
What else is going on? Well I spent last week on the road - literally only stopping long enough to change suitcases, sleep and hit the road again. It’s fun for a week. But then it’s really nice to be home after that. I’m back at my desk with two days until the deadline for Prime Time the book — so I’m in a cocoon that’s only just been cracked long enough to write this email. I’m so excited to finish and submit it! Then, life can return to normal - with regular trips to the gym and more time to chat and make education again.
The Summer Epic Retirement course is powering on too - Everyone is so chatty and our presenters so informed! Anyway, better get back in my cocoon and keep proofing and rewriting.
Until next week…. Make your Prime Time count.
And if you have feedback - I’m steeled and ready for it - Leave it here on the post. You know I love to hear your opinions — hopefully you can hear that I raise your concerns and speak to your issues everywhere I go.
Many thanks! Bec Wilson
Author, podcaster, guest speaker, retirement educator … Visit my website for more info about me, here
The percentage of cash transactions is higher than any professor of economics would be able to calculate. I live in a small country town, and volunteer at our local community run op shop. Cash only. My daughters church run playgroup in Brisbane- cash only. Sales of raffle tickets for little local charities and church groups in little country towns- cash only. Such little charities can't afford internet access, mobile phone plans and square readers. Thank God for cash. It's portable, doesn't need any hardware to operate and doesn't need power or internet access. There is a whole other world in the country that professors would be totally unaware of. If cashless comes in, local communities may work out their own barter systems with some local currency printed.
I am totally fed up with all the fees that places like hotels charge you, yet they are the ones who no longer accept cash. I also live in Far North Queensland where we have cyclones etc and the first thing out is electricity and so being able to use cards is not possible. There are no systems in place for power outages etc. Being so dependent on an unreliable power system is just stupid. Lets face it our power system is one of our biggest problems into the future. One day I was in Bunnigs when the eftpos system failed, it was bedlam, and only 1 staff member knew how to use the old manual card thing with the individual paperslip , and then they ran out of the slips.