Economist weighs in on the ‘structural decline’ in the amount of cash in Australia

The amount of cash in Australia has declined for the first time since dollars and cents were introduced in 1966, with independent economist Nicki Hutley stating there has been a “structural decline” in the use of cash for “quite some time” now.

Ms Hutley believes a move towards a cashless society won’t make a huge difference overall, as most people don’t carry cash nowadays, expect for those who deal with transporting money.

She also spoke on the biggest downsides in the switch to a cashless society.

Press PLAY to hear her weigh in on the decline of cash + its potential downsides