- Commank CEO does cash promise
Commonwealth Bank, Chief Executive Matt Comyn, has promised to make cash available to customers, despite very few Australians who now use banknotes.
This week a letter was sent this week and promised that cash would not disappear quickly, with national cash deliveries in question after July.
“Although your bank preferences can continue to change, we know that cash is crucial for our customers, the community and for Commank – and it's here to stay,” said his letter.
Mr. Comyn also promised an upgrade of the ATM network of the Commonwealth Bank, although the number of automatic counter machines in Australia has been more than halved in seven years.
“We continue to distribute more than $ 4 billion every month through the largest branch and ATM network from Australia, which will also benefit from $ 100 million in upgrades in 2025,” he said.
His promise to the 17 million customers of the Commonwealth Bank takes place, despite the fact that Linfox Armaguard has a deal with the large banks until June to continue to deliver cash after July.
The large banks in June last year reached an agreement of 12 months with Armaguard to provide $ 50 million to subsidize his cash-in-transit activities.
The reserve bank estimates that cash only makes 13 percent of personal transactions.
Commonwealth Bank, Chief Executive Matt Comyn, has promised to make cash available to customers, despite fewer Australians who use banknotes
But the Commonwealth Bank announced fourteen days that it would place a moratorium on regional banking closures, after an agreement between treasurer Jim Chalmers and the Australian Banking Association.
“We have expanded our promise to keep all our regional commank locations open until at least 31 July 2027 to support communities and jobs in regional Australia,” Mr. Comyn's letter told customers.
However, Mr. Comyn told one 2023 Senate research into regional banking closures that those who do not use cash subsidized for those who do.
“Transport and cash available in our vast country includes considerable costs for logistics and security,” he said at the time.
The number of ATMs between 2017 and 2024, which fell from 13,814 to 5,476, was evident from data on the Australian Prudential Regulation Authority data.
Bank branch numbers are plashed from 5,694 to 3,360 by 41 percent.
Reserve Bank of Australia Governor Michele Bullock said last week that a parliamentary hearing is unlikely that it will be used a lot within a decade.
“We have to think that cash will probably be another 10 years and we have to find a way to move to a new system that means that the distribution of cash can be undertaken and viable,” she told the Huis van Depoted Economy Commission on Friday.
'You just have to look abroad to see that it really doesn't make it rebound.
“I don't think something will turn around – I think it is a long -term decline and the reason is that people find making electronic payments much more efficient.”
The Reserve Bank estimates that cash is only 13 percent of personal transactions
The number of ATMs halved between 2017 and 2024, which fell from 13,814 to 5,476, was apparent from the Australian Prudential Regulation Authority data
