Despite a significant fall in the number of cash access locations in recent years, how far most people have to travel to reach branches, ATMs and Bank@Post has not changed all that much.
Cash use has been falling in Australia and with it the number of cash access points. The Reserve Bank has been monitoring the trend as part of its commitment to support the ongoing provision of cash services, and it has reported its finding in the latest Reserve Bank Bulletin.
The total number of ATMs has fallen by about 20 per cent – 6500 machines - since the peak in 2016.
The number of full service bank branches fell by 20 per cent - 1400 branches – over the decade to mid-2020.
Other cash access locations include Australia Post Bank@Post outlets and cash at the point of sale (which was not included in the review).
The RBA said the impact of branch closures and ATM removals on consumers has not been marked. This may be because the bulk of cuts have been in metropolitan areas where there are nearby alternatives.
As of June 2020, 95 per cent of Australians lived within 4.3 kilometres of an “identified cash withdrawal point” and within 5.5 kilometres of a cash deposit point.
In 2020, 95 per cent of the population lived within 9.3 kilometres of an ATM, compared with 8.9 kilometres in 2017.
Over the same period the distance from a branch for 95 per cent of the population increased 9.2 to 10 kilometres.
Ninety-five per cent of Australians live within 5.7 kilometres of a Bank@Post outlet.
In a 2019 survey, 90 per cent of respondents said that access to cash withdrawal services was “convenient” or “very convenient”.
“Understanding the location, as well as the number of cash service points is therefore important to evaluating Australians’ access to cash,” the RBA said.
However, there are “cash gaps”. Around 250,000 people live more than 15 kilometres from their closest cash withdrawal location. These people generally live outside the cities and in low income areas.
The RBA’s conclusion was that “access to cash services in Australia remains generally good.”