Australia’s national postal service is working to address the hard realities of keeping cash in remote communities where bank closures are becoming increasingly common by airlifting cash into some communities. CEO Paul Graham revealed that the national postal service is spending $4,000 per week to ensure that remote communities like Coober Pedy have access to hard currency. The issue at hand is that bank branch closures and financial service provider shortages in regional areas make it increasingly difficult to maintain services that the community needs. Graham cited examples of significant worker shortages in remote towns such as Alice Springs and Katherine in Western Australia.
The CEO emphasized the challenges posed by worker shortages and business closures in remote communities, citing the example of how staff members are billeted down on a three-month basis from Darwin to a post office in Katherine. In some regional towns, the national postal service is currently flying cash in at their own expense. However, Graham cautioned that this is ultimately not a sustainable solution.
His comments come as many Australians grapple with the impending move towards a cashless society. According to the Australian Prudential Regulation Authority, over the course of the 2022-23 financial year, banks have closed 400 branches and 700 ATMs. The banks’ argument for these closures is that the costs of operating physical branches are unsustainable, given the increased use of point-of-sales transfers and online payments.
However, the movement towards a cashless society is met with resistance. Over 160,000 signatures have been gathered for a petition against the cashless move, with proponents arguing that citizens should have the right to local access to cash and banking services, as well as the right to choose cash as a form of payment. Jason Bryce, of Cash Welcome, emphasized the need for residents of remote communities to access essential services.