In the lead-up to Easter, Australia’s banking system and the government not so quietly faced a tipping point around the availability of cash that forced major supermarkets to reconsider their place in the payments system and the economy as a whole.
Faced with a potential major limitation of cash distribution, Coles pushed forward a reduction of transactions-plus-cash from $400 to $200 to absorb a potential ‘run’ on hard currency amid operational uncertainty around secure cash logistics firm Armaguard.
It was a cash crunch that was decades in the making, and the move was unprecedented – but it was not unexpected.
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