Banks reveal impact after Aussies try to drain ATMs in cashless protest

The campaign to withdraw large swaths of cash last week hasn’t managed to move the needle, according to banking data. Cash advocates were promoting the grassroots protest in the lead up to April 22 and hoped banks, ATMs, and supermarkets would be full of people taking out their money.

“Draining” cash reserves was designed to send a message to financial institutions that cash is still needed in society. Some Australians still have serious concerns about what a cashless society would look like.

However, the Australian Banking Association (ABA) told Yahoo Finance that cash withdrawals last Tuesday were 20 to 30 per cent lower than the Tuesday the week before.

Withdrawals were also lower than the same Tuesday last year.

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That’s based on preliminary figures from three of the Big Four banks, the Commonwealth Bank of Australia (CBA) , Westpac, NAB and ANZ.

Yahoo Finance also reached out to ATMx, which operates 1,750 cash machines across Australia, for information on withdrawal trends around Cash Out Day.

Last year, Jason Bryce organised a similar day of protest, but the ABA told Yahoo Finance “there was no material difference in withdrawals of cash” for the April event.

Bryce is one of the most vocal advocates to keep physical currency circulating around the country and had estimated up to two million Australians would participate in this year’s event.

But since Bryce’s first protest last year, the government has moved to force essential services – like supermarkets, mechanics and doctors – to carry and accept cash.

The Cash Welcome founder suggested the proposed legislation, set to come into effect in 2026, may have led some Australians to believe the protest was not as important this time around.

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Aussies still back cash protests even if they don’t work

While the data does not indicate a groundswell of support for the campaign, there are Australians who still feel it is important to vocalise their need for physical currency.

A 2025 poll of more than 21,510 Yahoo Finance readers found 89 per cent felt Australian businesses should be forced to accept cash.

Chris Grice is the CEO of National Seniors Australia and has taken part in both Cash Out Days.

He told Yahoo Finance that even if it doesn’t move the needle, it gets people talking about cash.

“It is use it or lose it,” Grice said.

“Even if you’re using digital transactions, every so often just keep money circulating in the community, because governments, banks, and corporate Australia will just go, ‘Well, they’re not using it, so we don’t need to keep it in place.”

He has expressed concerns about the rapid transition toward digital payments disproportionately impacting older Australians who have traditionally used a physical bank for all their money issues.

Data from the Reserve Bank revealed cash payments have plummeted from around 70 per cent in 2007 to just 13 per cent in 2022.

But Grice said Cash Out Day is not just about cash, but it points to a much wider problem that’s anchored by physical money.

“It’s branch closures, ATM removals, some bank branches not handling cash,” he said.

“It’s non-bank ATMs charging fees. Retail not accepting cash, or they charging fees. Cheques being removed.

“You’ve got the online scams and outages as well.”

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