The seventh Milestones Report shows that the decline in cheque and cash use continues to accelerate as Australians embrace digital payments.
Today’s report shows that cheque use plunged 20% to 111.6 million - the largest drop ever-recorded. The value of cheques dropped by 6% over the same period, after remaining flat in 2015 and dropping by less than 1% in 2014. Over the last five years, cheque use has dropped 56%.
Australia’s digital economy underpins what can increasingly be characterised as a less-cash society. The number of ATM withdrawals dropped 7.5% to 648.5 million in 2016 following a 5.5% drop in 2015 and a 4.7% drop in 2014. Since 2011, ATM withdrawals have dropped by 22%.