Finance expert Sarah Wells has predicted more banks would copy Macquarie and start cash rationing with just 16 per cent of in-person transactions now done with banknotes or coins.
Australia s took a big step towards a cashless society with the news that its fifth-largest bank plans to begin phasing out notes and coins within months. So how will you be affected?
The Commonwealth Bank, Australia s biggest home lender, has made a record $10.2billion profit after scrapping cash withdrawals and hiking mortgage rates 12 times.