A petition to stop Australia from becoming a cashless society has gained more than 120,000 signatures as banks increasingly restrict customers’ access to their money.
The Change.org petition is calling for an ‘An Australian cash and banking guarantee’ that would see the government step in to regulate banks that are streamlining their operations by closing branches or removing in-person cash services.
In Australia, more than 1,600 bank branches permanently shut their doors between June 2017 and July 2022, with a ‘disproportionate number’ in regional communities that are more significantly affected, according to the Financial Services Union.
According to the Change.org petition launched in March by Cash Welcome founder Jason Bryce: ‘Banks are deserting towns and suburbs and leaving Australians without ready access to cash and banking services.’
The petition demands ‘No Australian town, suburb or community should be left without reasonable local access to full banking services and physical notes and coins,’.
‘Every Australian must be able to use cash to buy food and groceries if they choose
Meanwhile, four big Aussie banks – Commonwealth, ANZ, and NAB – have established cashless branches, directing customers towards ATMs for everyday banking needs.
In addition, the big four have enforced restrictions on large transfers to cryptocurrency exchanges with critics within the cryptocurrency community saying that they are merely protecting their profits against competitors.
These developments occur against the backdrop of immense banking profits, exemplified by Commonwealth Bank’s recent announcement of a record $10 billion annual profit.
