The Excuse that Nobody Uses Cash Anymore is a Self-Fulfilling Prophesy By James Reed

Another brief, but hard-hitting post by Malcolm Roberts on the great Australian cash conspiracy. Banks are whinging about the costs of ATMs, while making profits of $ 31 billion last financial year. The claim by the banks of a decreased demand for cash is a self-fulfilling prophecy, since the banks are actively closing branches, 2,000 in the last six years and 700 ATMs in the last 12 months. As Roberts says: "Banking is an essential service. If the banks are not going to fulfil their obligations and readily provide people with cash, then we need a people's bank to do it."

Having a people's bank, that does not, at a minimum cancel account because of political activities (the vax) would be most welcomed. Time for a new commonwealth bank, this time really for the common wealth and good:

https://veritasbooks.com.au/products/the-story-of-the-commonwealth-bank-d-j-amos

https://www.malcolmrobertsqld.com.au/abc-afternoon-briefing-with-greg-jennett/

"Armaguard is owned by transport magnate Lindsay Fox. His business interests extend not just to trucking but airports also. The Prime Minister attended Lindsay Fox's lavish birthday party last year – a direct relationship there. Armaguard thinks it can use its connections with the Prime Minister to put its hand out for taxpayers money when there are other options available.

Banks are crying poor over the cost of their ATMs, but with profits at $31 billion last year, the banks could simply pay Armaguard more for their services. They could also stop blocking out smaller competitors like Commander Security, a small Australian cash handling company that wants to move cash for clients. Yet the banks refuse to accept their cash deposits. Why are banks forcing out profitable competitors? It appears so they can cry poor and put their hand out to the taxpayers.

The excuse that nobody uses cash anymore is a self-fulfilling prophesy. Banks are forcing people to use online transactions by closing bank branches – 2000 in the last 6 years, and by pulling out ATMs – 700 in the last 12 months. Banks charge fees on electronic transactions. They make nothing if you pay in cash and as they don't know what you purchased, they can't use that information to build your data profile.

The Optus outage last year demonstrated just how easy electronic commerce is to disrupt. Even before that outage drove people back to cash, usage had actually stabilised in Australia at $30 million cash withdrawals a month, with more than $100 billion of cash in circulation. Rumours of its demise are wishful thinking from our greedy, self-interested banks.

Banking is an essential service. If the banks are not going to fulfil their obligations and readily provide people with cash, then we need a people's bank to do it."