The ACDES rules cover the buying, selling and packaging of notes and coins, audit requirements and cash movements. The four ACDES banks are: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and Westpac Banking Corporation.
These major banks own and manage their own cash reserves and make cash available to the rest of the community. Together, and working closely with the RBA and the Royal Australian Mint, they supply the notes and coins needed for Australia’s daily economic activity.
The decline of cash
We are monitoring the decline in cash use as Australia’s digital economy creates a less-cash society. In the 2019 financial year, the number of ATM withdrawals dropped to 577 million, 20% less than in 2015. The Reserve Bank’s 2016 Consumer Payments Survey shows that cash accounts for 37% of consumer payments, down from 69% in 2007. Cards are now the most commonly used payment method.
We will be supporting the Australian Payments Council’s future work on a strategy for our less-cash society. This work will ensure that the decline of cash use is managed efficiently as Australians continue to choose digital payments.
AusPayNet has also developed guidelines for the handling of cash discrepancies amongst the major banks. The procedures outline how to identify a cash discrepancy, the steps required for settlement and the timeframe for resolution. Financial institutions are encouraged to adopt these procedures in their dealings with the ACDES banks.