A recent report reveals that a group of banking customers in Australia are experiencing the consequences of a societal shift towards a cashless economy. Approximately 4,500 residents in Kununurra, a town in Western Australia, now have to travel 500 miles to reach the nearest bank, as reported by Yahoo Finance. Previously, the town had physical branches and ATMs from Commonwealth Bank (CBA), NAB, and Westpac. However, all three banks have withdrawn from the town, citing reasons such as staffing and security concerns, aligning with the industry-wide trend of reducing physical locations.

The residents of Kununurra had relied on the local supermarket Coles for cash withdrawals, but this option has now been halted due to overwhelming demand. Recent data from the Australian Prudential Regulation Authority (APRA) shows that between June 2022 and June 2023, 424 bank branches were closed down across the country, accounting for 11% of all branches. Additionally, during the same period, access to 718 ATMs was removed by banks throughout Australia.

To express their discontent with the mass closure of bank branches and draw attention to the country’s transition away from cash, Australians organized a rally on April 2nd. Despite the closures and concerns, the nation’s four largest banks have stated that they do not have plans to completely abandon physical currency.

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[Image: Midjourney]