The 10 Cent Party!, page-8

Of interest is that Cash is being used less and less even more so for transactions during the lockdowns.

As cited by the RBA the increased usage was for a printed store of wealth.

Australia is well on the path to following other OECD countries.



Also, there's a marked increase of course in Online spending, which is exactly where we would want to be and what we expect will be a core area for NOV.

"...with one-third of Australians preferring to shop more online now than before the pandemic (ABS 2020). The share of retail sales conducted online has sharply increased from an average of 6½ per cent in the second half of 2019 to an average of 10 per cent since March 2020 (Graph 5)."

Conclusion

Demand for cash has increased substantially during the COVID-19 pandemic. The value of banknotes in circulation rose 17 per cent since mid-March 2020, around the start of the pandemic uncertainty in Australia. Transactional cash demand has fallen due to lockdowns and other restrictions, a shift towards online spending, and concerns over the transmission of the virus via banknotes. Against the backdrop of lower cash use for everyday transactions, the strong demand for banknotes can largely be attributed to precautionary or store-of-wealth motives. A disproportionate increase in demand for high-denomination banknotes, as well as RBA survey findings, support this. Historical experience suggests that precautionary motives tend to come to the fore during periods of economic and financial stress. Australia was also not alone in seeing a substantial increase in demand for banknotes, with many other countries experiencing similar patterns of cash demand.

Cash Demand during COVID-19