It appears Australia is truly on its way to becoming a cashless society, with the number of notes in circulation officially declining for the first time since dollars and cents were introduced in 1966.
According to data from the Reserve Bank of Australia (RBA), more than a billion dollars worth of physical cash disappeared from circulation in the last financial year, a shift that’s likely to make life more difficult for the elderly and for those in the regions.
WARNING: Australia is going “cash free”
— E (@ElijahSchaffer) August 5, 2023
W/out warning all 4 major banks began limiting cash withdraws in various cities
Making some branches “cash free”
Gov took $1 billion worth of notes out of circulation
People are unable to withdraw more than $500
It’s happening pic.twitter.com/pBBJcURKIk
As with the spurious anti-gun logic that saw Australians lose their right to own firearms, authorities say less cash will also hurt the nation’s criminals, who rely heavily on its use, making it harder for them to make transactions undetected. This all looks on track for the social credit economy so beloved of the New World Order where all our purchasing decisions could be assessed against a government’s notion of what’s good for us.
The convenience of the digital payment system is undoubtable. But there’s usually a fee attached and, interestingly, paying with cash triggers a pain sensor in our brains that paying with a chip doesn’t. This leads humans to spend more than they can afford.
Senior citizens will be reluctant adopters. Checks are being phased out and alternatives through smart phones and apps are not always understandable. Technology is also susceptible to hacking and power failures. As we have remarked before: Technology is a great servant and a crappy master.