As Australia moves steadily toward a cashless future, the CEO of Commonwealth Bank (CBA), Matt Comyn, has reassured millions of Australians that cash is here to stay—at least for the foreseeable future. Despite the Reserve Bank of Australia’s (RBA) projection that cash could disappear within a decade, CBA is doubling down on its commitment to physical currency access, vowing to distribute over $4 billion in cash each month through branches and ATMs nationwide.
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In a letter to customers this week, Comyn confirmed that CBA would continue investing in cash infrastructure, announcing a $100 million upgrade to its ATM and branch network in 2025.
“We’ll continue to distribute more than $4 billion in cash each month through Australia’s largest branch and ATM network, which will also benefit from $100 million in upgrades in 2025.” – Matt Comyn, CBA CEO
Additionally, the bank extended its commitment to regional Australia, promising that all regional CommBank branches will remain open until at least July 31, 2027.
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The Rapid Decline of Cash: A Nationwide Trend
While CBA has committed to preserving cash access, the decline in cash usage is undeniable. The bank revealed that in the last financial year, it spent $410 million maintaining cash services across Australia, despite ATM withdrawals plunging by 51% to 6.7 million per month. Meanwhile, digital transactions skyrocketed from 39 million to 71 million per month, further emphasizing Australia’s shift to a cashless society.
According to data from Canstar and APRA, CBA closed 32 branches in the 2024 financial year—a 4% decline and the lowest among the Big Four banks. Over the past five years, the bank has shut down 318 branches in total, representing a 31% reduction in physical locations.
RBA’s Cash Prediction: ‘Gone in 10 Years’?
Despite Commonwealth Bank’s efforts, RBA Governor Michele Bullock believes cash will gradually disappear due to the rising popularity of digital payments. Speaking before Parliament last week, she noted that cash is on a long-term decline due to the efficiency of electronic payments and the increasing cost of handling physical money.
“Cash is not making a rebound. I don’t think anything is going to turn it around. It is on a long-term decline because people find making electronic payments much more efficient.” – Michele Bullock, RBA Governor
Bullock estimated that cash may completely vanish within the next decade, citing higher costs for storage, processing, and distribution as key factors. Linfox Armaguard, the only Australian company providing nationwide cash transport and processing services, has struggled financially, prompting a $50 million bailout from banks and retailers in 2023 to keep cash infrastructure operational.
Big Four Banks Commit to Keeping Cash Available
While digital banking is growing rapidly, Australia’s Big Four banks—Commonwealth Bank, Westpac, ANZ, and NAB—have all pledged to maintain cash services. Like CBA, these banks have agreed to pause regional bank closures until July 31, 2027, ensuring continued access to physical cash for rural communities.
However, not all banks share this commitment. In November 2023, Macquarie Bank became the first major financial institution in Australia to go fully cashless, eliminating cash deposits at branches. Unlike the Big Four, Macquarie Bank operates without a traditional branch network, instead relying on digital services and ATMs for withdrawals.
What This Means for Aussies: Is Cash Still King?
While cash usage has plummeted from 70% of transactions in 2007 to just 13% in 2022, it remains a critical payment method for many Australians, particularly elderly citizens, rural communities, and those without digital banking access.
CBA’s commitment to keeping cash available provides peace of mind for those who rely on physical currency, but the long-term trend suggests cash’s days may be numbered. As digital transactions continue to rise, Australians may need to prepare for a gradual but inevitable shift to a fully digital economy.
Will cash survive beyond 2035, or are we witnessing Australia’s final chapter of physical money? Let me know your thoughts!
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