Cash is unlikely to completely disappear in Australia due to its necessity for financial inclusion, privacy, and system resilience during digital outages. Despite a decline in daily use, cash remains a critical, legal, and reliable backup, with many Australians still using it for in-person transactions.
The Reserve Bank predicts cash will disappear in a decade. But the most common use of banknotes in Australia is hoarding. The Reserve Bank predicts cash will disappear in a ... Recall the $100 from circulation give it 5 years.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
Australia's cash mandate will begin on January 1, 2026, with grocery and fuel retailers required to accept cash payments for transactions of $500 or less. Supermarkets and petrol stations will be forced to accept cash payments from January 1.
BREAKING: Australia Banning Cash Withdrawals Over $1,000 Starting 2026
Will the UK ever stop cash?
It revealed that last year, for the first time in this country's history, fewer than 10 per cent of all payments were made using cash. Despite this, UK Finance says it doesn't believe Britain will go completely cashless – or at least, not in the next decade.
Wealthy nations are nearly cashless: Sweden (14%), Norway (10%), and South Korea (10%) show how digital payment infrastructure correlates with economic development.
The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements. But it really took off with the COVID pandemic when consumers and retailers were reluctant to handle potentially infected notes and coins.
While cash is considered a legal tender, businesses have no legal obligation to accept it and have the right to set their own payment policies. This means that a brick-and-mortar store can refuse cash, just as they can reject other forms of payment, such as certain credit card payments or cheques.
With more customers tapping cards and paying online, many owners ask a simple question: is it illegal to refuse cash? The short answer: generally no. It's usually lawful for a private business to set a “no cash” or “card only” policy, provided customers know about it before the sale.
Around the world, cards and apps are the default way to pay – but nowhere is the transition away from cash more obvious than in Sweden. The Bank of Sweden notes that the amount of cash in circulation in the country has halved since 2007.
Overall, around 39 per cent of UK adults lived largely cashless lives throughout 2023. However, the number of people mainly using cash actually rose to 2.6 per cent (an increase from 1.7 per cent in 2022). For now, cash remains the second most frequently used payment method in the UK.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
The RBA has lowered its estimates of Australia's annual economic growth potential to just 2 per cent. The budget faces a projected decade of deficits, even without an increase in defence spending.
Australian $2 notes were issued from 1966 right up until they were replaced by Australian 2 dollar coins in 1988. Some Australian 2 dollar notes can be particularly valuable with certain serial numbers or if they are in mint condition. Values can reach up to $5,000 for the rarest old Australian two dollar bill.
Cashless might be convenient — but cash isn't going anywhere 💵 From Jan 2026, major supermarkets and servos must accept cash for essential purchases up to $500.
It is not illegal to keep cash at home in the UK, but it should be stored securely to mitigate risks. The amount of cash to have on hand varies, but a small amount for emergencies is recommended while keeping most in a secure bank account.
Cash deposits over $5,000 don't automatically trigger a government report. But they do put the transaction into a higher scrutiny bucket inside your bank. Tellers are trained to watch for patterns that look unusual for you. A single large deposit tied to a clear explanation rarely raises eyebrows.
All major supermarkets remain publicly “committed” to accepting cash in stores. However, some have begun phasing out cash payments across other parts of their businesses. For example, Asda made 96 of its petrol stations card-only in 2024 by removing the manned kiosk from forecourts.
Not yet. However, a 2024 report from the International Monetary Fund suggests that we might not be too far away from seeing the first. It suggested that Sweden would be the first completely cashless economy as soon as the end of 2025. This is unlikely to happen now, though.
General comparisons: Median Income: The median Australian income is around $72,000 annually. Decent Wage: A decent benchmark for a good salary is generally considered to be between $90,000 and $108,000.
A fifty-dollar note is also known colloquially as a "pineapple" or the "Big Pineapple" because of its yellow colour. The $100 note is currently green and is known colloquially as a “watermelon”, but between 1984 and 1996 it was grey, and was called a grey nurse (a type of shark).
Sweden has emerged as the world's first cashless nation, with phone taps and cards replacing physical money. This digital shift, driven by apps like Swish, simplifies transactions for locals and tourists alike. While most establishments accept digital payments, carrying some cash is advised for smaller vendors.
While the Bible does not explicitly mention a cashless society, Revelation 13:16-18 refers to a system of control involving buying and selling that some interpret as a future possibility. Isaiah 55:1 alludes to a model of exchange without monetary constraints.
