cash

Cash offers an easy means of avoiding tax — one plenty of ordinary Australians use — so the government is keen to crack down on big cash payments.

The cashless trend has seen large financial institutions gain a growing influence over the day-to-day, transaction-by-transaction, operations of independent businesses, and their profit incentives don’t always align with SMEs.

It is unlikely that cash is going to completely disappear anytime soon, but as businesses start to plan their way out of pandemic trading, the growing influence of cashless payments is already changing the day-to-day lives of SME owners.

Cash is never coming back — we know that. But what precisely will replace it remains a fiercely fought battle.

Such has been the impact of COVID-19 on our daily lives, that some things are unlikely to ever be the same again. The Mandarin has hypothesised about a future society where cash is no longer required or permitted.

When did so many Australians fall out of love with cash? The most recent survey of consumer payment behaviour from the Reserve Bank of Australia suggests it’s been a long time coming.