The coronavirus crisis has sparked the closure of a record number of ATMs and hundreds of bank branches as Australia moves closer towards a cashless society.
The number of ATMs across the nation are at their lowest level in 12 years at 25,720, after at least 2150 terminals removed in the recent June quarter, according to the Australian Payments Network.
Australia’s big four banks – ANZ, Commonwealth, NAB and Westpac – also shut up a combined 175 branches in the last 12 months.
Of the 175 branch closures, ANZ had the highest number with 68, followed by the Commonwealth with 44, Westpac had 36 while NAB shut 27.
Westpac removed the most ATMs at 84, followed by ANZ at 73 and NAB at 21 while Commonwealth Bank didn’t disclose its number of closed terminals.
The Reserve Bank of Australia’s head of payments policy Tony Richards said most ATM closures were in metropolitan areas in locations such as shopping centres.
‘Overall the bank expects the long-term downward trend in the use of cash to continue,’ he told News Corp.
Australian Banking Association’s chief executive officer Anna Bligh added: ‘Australia’s banks have invested heavily to keep up with the customers banking preferences with technology and data now playing a key role in how banks do their business’.
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GOOD OLD ANNA BLIGH, Banking assoc CEO just shows how out of touch she has always been, hasn’t learnt a thing since she INHERITED her premiers posst’n from her one time lover! BLIGH BY NAME BLIGH BY NATURE, We need a MUTINY!