Although there are billions of dollars worth of money in the world, the majority of this money is only in the digital environment. With the increase in banks and the advancement of technology, the use of banknotes has decreased significantly. The biggest example of this is in Australia.
Australia bids farewell to cash
In Australia, the number of cash in circulation has officially decreased for the first time since the introduction of dollars and cents in 1966. More than a billion dollars in physical cash was removed from circulation last financial year, according to data from the Reserve Bank of Australia (RBA). With this development, the country is on the way to becoming a cashless society.
Since 1966, when the country switched from the pound and shilling to the dollar, the total value and number of banknotes in circulation had increased each year. All of this came to a halt, with a sharp drop in the $50 bills in particular in the 2022-23 fiscal year.
It is stated that the decreasing cash flow in the country has decreased to the levels of 2019. Noting that the number of 5, 20 and 50 dollar bills has decreased significantly, officials say there is only a small increase in the 100 dollar bill.
It seems that Australia, which will say goodbye to checks completely in 2030, will also say goodbye to cash in the coming period. Authorities believe that with the use of less cash, it will be easier to identify criminals in the country. With the decrease in cash flow, it is thought that criminals will not be able to easily transfer the money to the system.
While cash is decreasing in Australia, new records continue to be broken in printing money every year in our country. So what do you think about the decreasing cash use in Australia? You can share your views with us in the comments section.
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