Australian Payments Network Milestones Report: The Digital Economy

Description

The seventh Milestones Report shows that the decline in cheque and cash use continues to accelerate as Australians embrace digital payments.

Today’s report shows that cheque use plunged 20% to 111.6 million - the largest drop ever-recorded. The value of cheques dropped by 6% over the same period, after remaining flat in 2015 and dropping by less than 1% in 2014. Over the last five years, cheque use has dropped 56%.

Australia’s digital economy underpins what can increasingly be characterised as a less-cash society. The number of ATM withdrawals dropped 7.5% to 648.5 million in 2016 following a 5.5% drop in 2015 and a 4.7% drop in 2014. Since 2011, ATM withdrawals have dropped by 22%.