Macquarie bank going cashless

Everyone will lose 1-2.5% of their after tax income to transaction fees. I just had 26 cents stolen from me when i paid for lunch.

Here we go. now the heads reckon we need to pay to have access and use cash. The molestation of our incomes is getting beyond stupid. Hardly anyone is awake let alone cares. The apathy in this country is just plain sad.

Pay to use cash (ABC news)

Spot on. They plan to track every cent you spend and penalise you if you don't comply.

To be honest, we've all been paying to use cards for how long now? Decades? Being told we have to pay to use cash isn't a surprise at all. What WILL be surprising is if they do bring it in and there's not instant backlash that they're not removing a cost to use cards. Can't claim it costs more to process digital currency if it's the default setting. I mean, they'll TRY to argue that but I can't see them getting far.

Credit cards yes but I’ve never had to pay eftpos charges until very recently. Business used to pick up that cost due to supposed efficiencies gained over not having to deal with cash and not having to deal with lines of credit. Now that cost is being passed on. Double dipping BS. 

Yeah, I've been observing this in country victoria where my family lives. As the big four disappear people just transfer their accounts to credit unions or smaller banks. My family seems to be going with Bendigo Bank. I'm with them over here in the west. Got in years ago when they were energetically rolling out their suburban branches.

Theres got to be money to be made in servicing Mum and Dad in the burbs and in the regions surely?




Yeah, seems like theres not even any attempt now to lower the debt ... every now and again they raise the 'debt ceiling' to ever increasing levels of stupidity and then don't think about it again for a few years.

The reason nothing has happened as a result of this is that they haven't yet defaulted on the paying for the debt. When that happens hold on, its going to get rough.




I'm not even sure if the Yuan is worth the paper its printed on. The Chinese economy isn't actually a functional economy in the sense we're used to understanding in the west. Its build on, and exists because of, public sentiment and belief. I'm extremely wary of what might be in the Chinese future ... the relatively recent collapse of the big housing developer giants, and I mean GIANTS, has shaken the population. You don't get to see or hear much about that when you're half a world away, but I've got family in the PRC and its ugly, believe me.




Its so sad, but as a country we're now well on the way ... the "long march". If you travel a bit you notice that insofar as cashless society goes, we're probably a leader ... we're probably also 'leading' in the thought process that gets you there. Right through central and SE asia as well as the USA (mega cities aside ... perhaps) cash is still king and there isn't even a hint of a thought of change on that front. Even in Europe, minus the woke economies, cash going away doesn't seem to be a thing.

This comment meaning ... well ... if we can't right the ship and if we fall foul of what seems increasingly likely to be quite an authoritarian future ... emigration is always a thing. Right now we're only one particularly bad leader away from being Canada ... and my oh my, look how that once great country has fallen ... and why.

Lets hope we can turn the ship around, but I have real fears. Not to be too black pilled about it all, but I'm still young enough to remember my childhood in Australia and old enough now to not recognise the country any more.

Wow... I assume that came into play during covid and they just found it convenient so retained the sign so that less people use cash? I can see how it would be easier. Less trips to the bank with cash in hand (unsafe), less having cash on site in general (unsafe). I can see why businesses would continue it but from a post office? Here in Aus, there's a lot of people forced to conduct banking through their local post office due to branch closures. Imagine if a post office held that rule now! 
Well, there probably IS a few that do it and I just haven't seen them.



Mind you, this is a good reminder to get more cash out. That, and a friend of mine is currently travelling with their family. They're in the boonies and apparently their bank's service went down. They went to make a purchase at a servo and nek minit, failed transaction because the bank shut everything down. Fortunately they had a spare card from another bank with them (I'd have carried cash personally but that's just me) and were still able to make the purchase but for the bank to just axe it services like that? Apparently they sent out a text message to inform customers but of course out in the middle of nowhere they didn't have cell service so they didn't get the text.
My cash reserves have run low recently because of the time of year but time to boost that up again I reckon! I also want to find a way to stash it in my car that's well hidden but easily accessible. 

If RBA vermin are continue suggesting / coercing us to keep moving away from cash then time to be stocking up! This new RBA Gubberner Betch is positively evil !

www.sbs.com.au/news/article/the-rba-governor-says-australians-are-ditching-cash-and-it-may-affect-access-to-atms/zvo3mfzt4

That whole Auspost making a big loss is a scam. Creative accounting designed to pressure the grubbyment into permitting Post to ditch the non profitable areas of it’s business and expand the profitable. Ie: ditch letters and expand parcel delivery.

Post ran a loss because they spent many hundreds of millions on new aircraft and new parcel sorting centres. A smart businessman never makes a profit. That just encourages the human filth politifilth to tax your earnings.

They treat their staff like shyte. Poor pay ($32ph), poor conditions (6hr-7hr delivery in 43d heat), our last annual bonus was a $5 coffee voucher ( I’m not joking), total electronic surveillance every minute of your day, senior managers who have the intelligence of dog poo. And in our peak period, the 3 weeks leading into Christmas, they load us up with junk mail to extend our outdoor time in a heatwave.

I hope they retrench staff, my arm will go up so fast I’ll tear a delt.