Australians have heavy pockets
(10 November 2009 – Australia) A BankWest report shows that the average Australian is carrying around A$2,092; despite the rise in the number of electronic transactions by businesses and consumers.
The Cash Report, showed that the amount of cash circulating in Australia, totalled a staggering A$46 billion worth of notes and coins which, has increased by A$221 for every man woman and child over the past year and has increased from A$1,222 per Australian in 1999.
According to the report, which was compiled using data from the Reserve Bank of Australia (RBA), the Australian Bureau of Statistics (ABS) and the Australian Payments Clearing Association (APCA), the amount of cash in society has risen 71 percent in the past 10 years.
Paul Clark, chief executive officer, BankWest Business said that the increased amount of cash in circulation was happening despite the explosion in the number of online transactions.
The amount of cash in society has seen businesses and consumers conduct more than 2 billion electronic transactions last year worth nearly A$12 trillion, Mr Clark added.
Mr Clark highlighted that the BankWest Cash Report shows that there’s currently a record A$46 billion worth of notes and coins held by Australian households and businesses in Australia, an increase of A$4.9 billion or 12 percent over the past year.
According to the report, which was compiled using data from the Reserve Bank of Australia (RBA), the Australian Bureau of Statistics (ABS) and the Australian Payments Clearing Association (APCA), the amount of cash in society has risen 71 percent in the past 10 years.
Paul Clark, chief executive officer, BankWest Business said that the increased amount of cash in circulation was happening despite the explosion in the number of online transactions.
The amount of cash in society has seen businesses and consumers conduct more than 2 billion electronic transactions last year worth nearly A$12 trillion, Mr Clark added.
Mr Clark highlighted that the BankWest Cash Report shows that there’s currently a record A$46 billion worth of notes and coins held by Australian households and businesses in Australia, an increase of A$4.9 billion or 12 percent over the past year.
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