This is a good news story, as I discuss with progress being made on the move towards the creation of a Postal Bank in Australia, with Robbie Barwick from the Australian Citizens Party.
But we need to keep the pressure on to ensure that the National Bank is developed in the way to benefit ordinary Australians and Businesses, so there is more still to do. And keeping pressure on our elected representatives will be essential!
A new report from the Finance Industry Peak Body, UK Finance, which represents more than 300 firms in the UK, reveals that cash remained the second most popular payment method, after debit cards – with an estimated three million people still relying on it. Their research suggests 1.5 million mainly used cash in 2023, up from 900,000 the previous year.
This was it appears an unexpected jump in the number of people who mainly use notes and coins for their daily spending, despite all the propaganda that the UK moving closer to becoming a cashless society. A UK Finance spokesperson said it would monitor the situation regarding people who mainly used cash to see if this was the start of a trend or merely a “statistical blip”. We think it’s more than that.
As I highlighted in a recent post the chaos caused by the global IT outage last week underlines the risk of moving towards a cashless society. Even if the data forecasts that cash will represent only 6% of payments in a decade’s time, it’s critical if other systems go down, as we saw with the outage last week” UK Finance said. This is as close to the Swedish message of make sue you keep cash on hand in case of emergencies as it gets, without saying it!
In Australia, as I reported recently there was also a rise in cash usage, despite the banks best worst efforts, and the recommendation from the recent Senate Inquiry into Regional Branch closures also recommend making access to cash an essential service.
Its simple really people, keep using cash, and we retain a backup in case of emergency. We also know people using cash regularly has a better handle on their finances, teaches kids the real value of money, and acts as an antidote to tap tap credit based society, where banks make a dollar from every transaction, which costs us all. While the war on cash is far from over, use it, or lose it. Its that simple!
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Go to the Walk The World Universe at https://walktheworld.com.au/
Digital Finance Analytics (DFA) Blog
Cash Transaction Usage On The Rise (Despite The Banks’ Best Worse Efforts)!
This is an edited version of a live discussion, with Robbie Barwick, Research Director from the Australian Citizens Party as we discuss the newly released Senate report on Regional Branch Closures. Following their recommendations for making the provision of banking services and access to cash a fundamental right, and for considering a Public Bank, where does the fight go next, and will the Politicians play games or do what’s right for the Australian community?
An important discussion about the future of cash across Australia with Robbie Barwick from The Australian Citizens Party.
The CEO of CBA Matt Comyn floated the idea of limiting cash transactions to $500, so we pull this apart in the context of the Use Cash campaign which ran successfully on the 2nd April.
See my earlier show for detail of that campaign, and the Senate interrogation of the RBA which we also discuss. The Fight For Cash Just Got Terminally Serious! https://youtu.be/LiNSH7I_8xs
Here’s the details. What you can do: Call and email WA Labor MPs to demand they stand up to BankWest and CBA and tell their boss Anthony Albanese to re-establish a People’s Bank:
Member for Tangney Sam Lim Ph: (08) 9354 9633 Email: Sam.Lim.MP@aph.gov.au Member for Hasluck Tania Lawrence Ph: (08) 6245 3340 Email: Tania.Lawrence.MP@aph.gov.au Member for Pearce Tracey Roberts Ph: (08) 6500 6499 Email: Tracey.Roberts.MP@aph.gov.au Member for Swan Zaneta Mascarenhas Ph: (08) 9355 0099 Email: Zaneta.Mascarenhas.MP@aph.gov.au Member for Cowan Dr Anne Aly Ph: (08) 9409 4517 Email: Anne.Aly.MP@aph.gov.au Member for Burt Matt Keogh Ph: (08) 9390 0180 Email: Matt.Keogh.MP@aph.gov.au Member for Perth Patrick Gorman Ph: (08) 9272 3411 Email: Patrick.Gorman.MP@aph.gov.au Member for Brand Madeleine King Ph: (08) 9527 9377 Email: Madeleine.King.MP@aph.gov.au Member for Fremantle Josh Wilson Ph: (08) 9335 8555 Email: Josh.Wilson.MP@aph.gov.au
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Digital Finance Analytics (DFA) Blog
Only A People’s Bank Will Tame The Savage Beast: With Robbie Barwick
Here’s the details. What you can do: Call and email WA Labor MPs to demand they stand up to BankWest and CBA and tell their boss Anthony Albanese to re-establish a People’s Bank:
Member for Tangney Sam Lim Ph: (08) 9354 9633 Email: Sam.Lim.MP@aph.gov.au Member for Hasluck Tania Lawrence Ph: (08) 6245 3340 Email: Tania.Lawrence.MP@aph.gov.au Member for Pearce Tracey Roberts Ph: (08) 6500 6499 Email: Tracey.Roberts.MP@aph.gov.au Member for Swan Zaneta Mascarenhas Ph: (08) 9355 0099 Email: Zaneta.Mascarenhas.MP@aph.gov.au Member for Cowan Dr Anne Aly Ph: (08) 9409 4517 Email: Anne.Aly.MP@aph.gov.au Member for Burt Matt Keogh Ph: (08) 9390 0180 Email: Matt.Keogh.MP@aph.gov.au Member for Perth Patrick Gorman Ph: (08) 9272 3411 Email: Patrick.Gorman.MP@aph.gov.au Member for Brand Madeleine King Ph: (08) 9527 9377 Email: Madeleine.King.MP@aph.gov.au Member for Fremantle Josh Wilson Ph: (08) 9335 8555 Email: Josh.Wilson.MP@aph.gov.au
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
The Commonwealth Bank subsidiary Bankwest, the 130-year-old former Bank of Western Australia bank announced last Wednesday that it was moving to become a digital-only bank and would close 45 locations in the state. The 45 Bankwest branches that have been earmarked for closure will close their doors by October this year. There are 28 locations in Perth and 17 in regional WA. A further 15 branches will be rebranded under the Commonwealth Bank banner and are expected to finish their transformation by the end of the year.
Yes, this is the same CBA whose CEO Mat Comyn on 20th September 2023 in a statement to the Senate Inquiry into regional branch closures promised not to close more branches until at least 2026, even though they specifically excluded Bankwest from their statement, while saying “we recognise the unique and important contribution that regional Australia makes to our country”. “Our decision to pause regional branch closures is also predicated on customers and communities valuing our decision to stay”.
Committee member Senator Richard Colbeck said the Senate committee has been hearing plenty of people raising concerns about the vital banking services being lost.
“Every week in our hearings we hear from local communities how important these essential services are and how their communities are affected, yet those who are given a license to provide those services, the so-called service sector, continuously ignore those pleas and withdraw services – it is as though their ears were painted on,” he said.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
More reports of banks removing cash services, at a time when the Senate Inquiry into Regional Branch closures highlighted again the need for access to cash.
According to the Bank of England, cash is still important for several reasons. Cash is a fast and convenient way to pay. It is widely accepted. It is helpful for budget management. Cash payment is entirely anonymous. Moreover, cash is a stable currency system that is resilient in times of crisis and reflects a nation’s identity . It is also the most secure means of payment.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
More reports of banks removing cash services, at a time when the Senate Inquiry into Regional Branch closures highlighted again the need for access to cash.
According to the Bank of England, cash is still important for several reasons. Cash is a fast and convenient way to pay. It is widely accepted. It is helpful for budget management. Cash payment is entirely anonymous. Moreover, cash is a stable currency system that is resilient in times of crisis and reflects a nation’s identity . It is also the most secure means of payment.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
I caught up with Robbie Barwick from the Australian Citizens Party to review the recent hearings into Regional Bank Branch closures, and more broadly about the progress made this year.
We look at the underlying issues which have been brought to the surface through the inquiry, and consider what happens next.
And here is the link to the paper which was discussed in the hearings: https://citizensparty.org.au/sites/default/files/2022-06/aust-hamiltonian-credit.pdf
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
