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ATMs Are Disappearing As Less Aussies Use Cash Day To Day

Are we heading to a cashless society? More and more Australians opt to pay via card as opposed to cash.

According to new data, bank ATMs and even bank branches are disappearing across the country.

The analysis revealed that almost 460 bank branches have closed down across the nation in recent years. 

Additionally, since 2020 approximately 3800 ATMs have been removed from Australia’s high streets and shopping centres.

In modern-day Australia, we are indeed in a digital world, with an estimated 80 per cent of Aussies preferring to bank online rather than visit a branch in person.

However, the remaining 20 per cent of Australians who do choose to bank in person are typically an older generation, persons with a disability or those who are less tech-savvy and unaware of how to bank online.

With branch closures becoming increasingly common, these Australians could be left without proper means to complete their banking. 

Additionally, branch closures reduce jobs in a community, finance Sector Union national secretary Julia Angrisano said.

In 2021 ANZ Head of Distribution Kath Bray, said bank branch closures were a sign of the times, with digital transactions now the primary focus for many.