ATMS ditched by Westpac, ANZ, NAB and Commonwealth Bank as Australia moves to cashless society
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Is this the END of ATMs in Australia? Thousands of ATMs across the country removed as banks go digital and fears of a cashless society grow
- The Big Four banks have eliminated thousands of ATMs in recent years
- Machines halved in five years from 13,814 in 2017 to 6,412 in June 2022
- Australians make far fewer ATM withdrawals and cash transactions
Thousands of ATMs have been taken off the road as Australia moves towards a cashless society.
The new figures show that the number of convenient ATMs across the country has more than halved in five years, from 13,814 in 2017 to 6,412 in June 2022, according to the Australian Prudential Regulation Authority.
The number of bank branches has also dropped from 5,694 to 4,014 over the same period, as more Australians abandon in-person transactions for internet banking.
The Covid-19 pandemic has also contributed to Australians making far fewer ATM withdrawals and cash transactions over the past three years.
There are 2,083 ATMs in NSW, up from 4,433 in 2017.
Victoria has also seen ATMs halved from 3,382 to 1,725 over the same period.
Thousands of ATMs across the country have been removed as Australians turn to cashless online banking
Of the four major banks, Westpac had 1,429 ATMs in 2020 compared with 3,073 in 2015, according to reports by the economic committee of the federal parliament.
The Commonwealth Bank cut its ATMs by 800 in the same period, while ANZ removed 500.
NAB had 341 ATMs after 100 were retired in a five-year period.
The value of cash withdrawals has decreased 17% since 2019, as the value of nominal spend increased 27% over the same period.
“This shift away from cash accelerated during the pandemic and is evident in the sharp drop in the value of ATM withdrawals,” Reserve Bank Governor Philip Lowe said.
At NAB, ATM transactions have plunged 45 percent, while cash withdrawals are down 47 percent.
“NAB customers can withdraw cash free of charge at more than 6,000 ATMs across Australia,” a bank spokesperson said.
“If we remove an ATM, we always make sure there is a Bank@Post service available to provide cash deposit and withdrawal services.”
The Covid-19 pandemic has contributed to the decline in ATM withdrawals
Daily Mail Australia has contacted Westpac, ANZ and Commonwealth Bank for comment.
But Australians are still saving cash for a rainy day and many still rely on ATMs, particularly in regional areas.
“Cash is still important to many people, especially in rural areas where people have limited or no access to the internet and have older people and newcomers to Australia,” said Swinburne University marketing professor Steve Worthington. Sydney Morning Herald.
“There are still a lot of people who depend on cash.”
The first ATM in Australia was installed in Brisbane’s Fortitude Valley in 1977 by the Queensland Teachers’ Credit Union.
The Commonwealth Bank and the Bank of New South Wales followed suit in the 1980s before others banks moved to electronic banking in the decade.
By 2017, ATMs had begun their decline with the increasing popularity of ‘Tap and Go’ bank cards for store purchases.
ATMs are becoming a thing of the past, nearly half a century after the first opened in Brisbane