ANZ halts cash transactions, from many branches.

It has been announced today that ANZ Bank has stopped allowing cash transactions at many of its branches across the country. This sudden change in policy by one of Australia’s largest banks was met with surprise and confusion from customers, particularly those living or conducting business in regional areas who may not have access to alternate banking services. In an effort to understand why this decision was made, we sought answers from ANZ directly – they detailed their reasoning behind the change and provided clarity on what alternatives are available for customers going forward. Read on the latest blog post of Crypto Tax Calculator Australia as we unravel this complex situation in full.

As Australians are increasingly abandoning the use of money and avoiding banks, this shift has resulted in worries that cash may soon become a thing of the past.

ANZ, part of Australia’s highly influential “Big Four” banks, will no longer provide withdrawals and deposits through various Australian branch buildings. Instead, the bank is urging its customers to use a decreasing number of ATMs and deposit machines for their banking needs.

The proposed change has been met with resistance from those such as Patricia Sparrow, CEO of the Council on the Ageing, who warned to The Australian that it could adversely affect elderly people who lack knowledge about digital platforms. Furthermore, there is rising concern among others that this decision will leave fiat users vulnerable to technical glitches. Additionally, worries have resurfaced over a potential attempt by certain parties to phase out cash and substitute it with central bank digital currencies (CBDCs).

An ANZ representative revealed that the branches closing are located in metropolitan areas and have nearby ATMs with deposit machines. This decision was made due to a significant decrease of over 50% for in-branch transactions across the past four years.

As Australia gradually progresses towards a cashless society, the percentage of retail payments made with cash has drastically dropped from 59% in 2007 to just 27% in 2019. This information was reported by the Reserve Bank of Australia (RBA) on March 16th via their bulletin.

According to the RBA, the results of its 2022 survey will be available later this year. However, it also mentioned that due to COVID-19, businesses have been hastening this transition even further. It is clear that both companies and individuals are playing a role in moving us into a more digital world with increasing speed.

“Furthermore, a substantial share of merchants indicated plans to discourage cash payments at some point in the future.”

The Reserve Bank of Australia indicated a considerable drop in both ATMs and bank branches around the country, with nearly one-third fewer financial institutions compared to 2017 figures and ATM numbers dropping by approximately 25% since 2016.

When considering the possibility of CBDCs replacing cash, one main worry is how it could impact personal liberty and secrecy. After all, using cash grants anonymity in transactions as well as leaving no traceable record behind.

Australia is currently in the midst of a CBDC pilot program, with an update anticipated by 2023’s midpoint. The Reserve Bank of Australia has acknowledged that this could potentially result in the displacement of cash Australian dollar.

A spokesperson for another of the Big Four banks, NAB, allayed these fears somewhat, saying:

“NAB still handles cash at our branches and we have no plans to change. Cash will continue to play an important part in Australian society for as long as our customers want it to.”

The other two banks within the Big Four, CBA and Westpac have provided different responses. Westpac clearly stated that it has no plans to reduce their access to cash via its branches. On the contrary, a CBA spokesperson was more unclear in their response but did not indicate any intention of reducing its availability either.

Tax season can be a daunting task, especially when it comes to cryptocurrency transactions. But with Crypto Tax Calculator Australia, you can get a better understanding of the taxes you need to pay in connection with crypto trading. Its user-friendly setup makes it easy to use and helps beginners understand their tax requirements. This results in greater accuracy and efficiency, eliminating the worry and stress associated with filing taxes correctly. Make sure to take advantage of this helpful tool so your tax returns are as simple and straightforward as possible.