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Is Australia Going Cashless Too?

The AU$100 bill is becoming scare. Though the amount of money printed each year, including the $100 note, hasn’t changed, the amount of cash in circulation is falling.

Studies by the Reserve Bank of Australia show that more people than ever are using electronic options for payments. Forty-seven percent of transactions in 2013 were paid by cash, which is down from 62 percent in 2010 and 67 percent in 2007. And card use is up to 43 percent from 31 percent in 2010 and 26 percent in 2007.

Cash in circulation is steady, ATM transactions are steady. But cash transactions have declined, so why the discrepancy? With interest rates at historic lows, and the relatively high value of the Aussie dollar, cash has become the choice for “store of value.” Some think people are putting more cash under the bed, or are holding it overseas. The best denomination to do this is $100 bills.

But electronic transactions in Australia are also proliferating. Banks, regulators and payment companies want to see cash go away. As its use declines, the cost of making, distributing and handling cash also rises. Plus, government wants better control over taxation and more effective means of fighting fraud.

Australia may be joining other western countries in moving to a cashless society in spite of people hording cash under the bed.

An all electronic economy will lay the foundation for enforcement of the no-buy, no sell law predicted in Revelation 13:17.

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