Cash use by Australian consumers has recovered after falling sharply in the first months of the pandemic.
According to the latest Reserve Bank payments data, the total number of cash withdrawals at ATMs plunged from 46 million in December to 21.8 million in April – the lowest number ever recorded in the data series.
However, withdrawal numbers have been recovering since then and were back up to 36.8 million in July.
The value of ATM cash withdrawals fell from $11.5 billion in December to A$6.4 billion in April but has since recovered to $10.5 billion in July.
The increase in activity has occurred despite a significant reduction in the number of ATMs in operation. The Australian Payments Network reported that the number of ATM terminals in operation fell from 27,958 in December to 25,719 in June.
AusPayNet said the fall was largely due to the closure of bars and clubs where ATMs are located.
Banks have also contributed to the fall, as they continue to consolidate their ATM footprints and temporarily close a number of branches.