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PayDay News | Australian Payments News

Big 4 20-year cash power grab runs into fierce resistance

Technology Reporter
8 Jul, 2026
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Alex Zaharov-Reutt
Technology Reporter
8 Jul, 2026
Add us as a preferred source on Google
Australia's biggest banks say a single cash utility is the only way to keep notes and coins flowing after Westpac exits the commercial cash business. But submissions to the ACCC reveal almost nobody supports the proposal in its current form. Even the Reserve Bank has warned the plan needs stronger safeguards.
Big 4 20-year cash power grab runs into fierce resistance
Image generated by AI.

Australia's biggest banks say a single cash utility is the only way to keep notes and coins flowing after Westpac exits the commercial cash business. But submissions to the ACCC reveal almost nobody supports the proposal in its current form. Even the Reserve Bank has warned the plan needs stronger safeguards.

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