Cash is dead -- long live the card. Or so we're led to be believe by data showing virus-wary consumers and businesses turning their backs on cash and embracing tap-and-go as the default payment method in cities and towns across Australia.
But one indicator suggests cash remains popular for a particular purpose -- and that reflects just how worried Australians are.
The value of notes on issue has surged, according to the Reserve Bank’s latest statement of assets and liabilities. And it seems those notes are being hoarded, not spent. Last week, there was $90.433 billion worth of cash on issue from the RBA. That's 13% more than the $80.041 billion on issue in the same July week of 2019.