Business is slow at the ATM

The value of cash withdrawals from ATMs in February was the lowest monthly amount in ten years.

According to the latest Reserve Bank payment figures, consumers withdrew A$10.7 billion from ATMs in February, compared with $11.3 billion in January.

The last time monthly withdrawals were worth less than $11 billion was in May 2005.

The number of cash withdrawals was also low - 54.8 million withdrawals in February, compared with 57.6 million in January.

The last time the number of monthly withdrawals was below 55 million was February 2003.

Cash withdrawals from ATMs provide a measure of the change in spending patterns, with a move from cash to plastic.

The RBA figures also show that the value of credit and charge card balances increased in February - up from $50.1 billion to $51.1 billion. The average balance per card account rose from $3170 in January to $3222 in February.

Balances accruing interest rose from $32.8 billion to $32.9 billion. The value of balances accruing interest per card remained unchanged at $2078.

The value of purchases on credit and charge cards rose three per cent in February to $22.1 billion, compared with the previous month, while the value of purchases on debit cards fell 6.7 per cent to $16.3 billion.