It’s become accepted as gospel that we are moving into a cashless society. Australians, and in particular those pesky millennials, increasingly forego carrying cash, turning to plastic to fund their indulgent spending habits. We’ve moved so far towards card-based and electronic transactions, that old-fashioned cash is almost viewed with a degree of suspicion.
Recently, the Morrison government tabled laws to restrict the use of cash in an attempt to crackdown on the black economy, with businesses that accept cash payments of over $10,000 facing prospective civil or criminal penalties. But is this such a big problem? And just how much money is buried under the mattresses of Australia?