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Central bank forecasts drop in Aussie ATM numbers

As Aussies change their spending ways, their ATM visits have declined — and so will the number of cash points across the nation, the Reserve Bank of Australia says.

August 24, 2015

The number of ATMs will is headed downward down under as Australians turn more to digital payments and rely less on cash, according to a report in the Sydney Morning Herald.

Documentation from the Reserve Bank of Australia said that the country's 31,000 ATMs exceed the population's need for cash access, and that as fewer Australians seek out cash machines, operators will begin to drop unprofitable locations.

The RBA also said that not only are Aussies making fewer cash payments, but also they are paying fewer fees for access to that cash, by avoiding off-us ATM transactions.

Since 2009, the volume of ATM withdrawals has dropped 20 percent, the RBA said.

The RBA report was produced for Australian lawmakers who currently are investigating rising ATM fees, the SMH report said. Fees have risen an average of 29 cents over the past five years, from $2.04 in 2010 to a current rate of around $2.33.

Even so, Australia's Commonwealth Bank told SMH that annual costs for its network of ATMs ran to $160 million, but the bank made only recouped about one-third $54 million of this cost in fee revenue.

Westpac also said that ATMs made a "net negative contribution" to its bottom line.