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Cashless society ‘a very long way off’ says expert

Michael McLaren

Shoppers are out in force and buying up big for the festive season, but for how much longer will they be using cash?

Cash is on its way to becoming a collector’s item thanks to tap-and-go and online payments that have been growing in popularity in recent years.

Reserve Bank governor Philip Lowe believes Australia is at a turning point, with cash set to become a “niche payment”.

Australians are already the sixth highest users of electronic payments in the world, according to the RBA.

Only 37 per cent of household spending is done using cash, compared to 69 per cent a decade ago.

Chair of Consumer Behaviour at Deakin University Doctor Paul Harrison says “it’s a very long way off” until be become a cashless society.

He tells Michael McLaren “there’s a couple of things getting in the way”.

“People still kind of like to have that physical cash… the other thing is the technology is still quite cumbersome.

“Australia’s are really good at taking up new technology, but they’re also really good at not giving up what they currently have”.

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Michael McLaren