Register credit card purchases, cash up too | Goulburn Post

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Credit card spending hit record levels in November, but figures from the Reserve Bank show cash use is also on the rise, dispelling the myth that Australia is moving towards a cashless society. The RBA’s monthly payment data showed that credit and debit card purchases totaled $28.9 billion in November, 6.8 percent higher than in October and 9.6 percent higher than a year earlier. “Personal credit card spending hit record highs in November as Australians came out of lockdown and enjoyed their newfound freedom to visit shops, pubs and restaurants with limited restrictions,” said Steve Mickenbecker, Canstar’s group director for financial services. “Pre-Christmas sales events, such as Black Friday, also likely contributed to the increase in credit card spending.” Data released Tuesday by the Australian Bureau of Statistics showed retail spending rose 7.3 percent, the fourth-largest monthly increase on record. The RBA report also showed that there were 29.8 million ATM withdrawals in November, for a total of $8.6 billion. That was 2.6 percent higher than a month earlier and came after an increase of 12.7 percent in October. CashWelcome.org campaign spokesperson Jason Bryce says this shows that cash use in Australia is recovering, having declined during the COVID-19 pandemic lockdowns. “There is no trend towards a cashless society and despite the growing number of ways to transact cash, the use of cash is on the rise,” Bryce said. “Cash is back in style. Retailers are choosing to accept cash again and Australians are voting with their wallets and are going to use cash again.” Australian Associated Press

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