A new report reveals that a group of banking customers in Australia are experiencing the consequences of a shift towards a cashless society. Approximately 4,500 residents living in Kununurra, a town in Western Australia, now have to travel 500 miles to reach the nearest bank. This comes after Commonwealth Bank (CBA), NAB, and Westpac closed their brick-and-mortar branches and ATMs in the area. The banks cited staffing and security as reasons for their departure, aligning with the industry-wide trend of reducing physical locations.

The residents had relied on the option to withdraw cash at the local supermarket Coles, but this service has now been discontinued due to overwhelming demand. Recent data from the Australian Prudential Regulation Authority (APRA) shows that between June 2022 and June 2023, 424 bank branches and 718 ATMs were shut down across Australia. This amounts to 11% of all branches in the country.

In response to the closures and concerns, Australians organized a rally on April 2nd to protest the mass closure of bank branches and draw attention to the country’s move away from cash. Despite these developments, the nation’s four major banks have stated that they do not plan to completely abandon physical currency.

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