Hoarding cash in a cashless society

Australians have been hoarding cash, particularly through the first year of Covid-19, despite forecasts that we will be a 98% cashless society by 2024. Even if this prediction from global payments giant FIS comes to pass, some 540,000 Australians will still prefer to use cash. You may recall a flurry of news stories on this topic in March. The research commented on the effect of a de facto ban on cash during the first year…

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Taking An Interest In Recessionary Economics

The end of financial year meeting of the Basil and Sybil Cheeseparer Superannuation Fund was going well until the Trustees (a) found that their investment strategy was out of sync with reality and (b) failed to find a fixed interest investment that would return more than 2.50% over five years. “We should stick it under the mattress,” said Sybil. “Your side or mine?” quipped Basil. As you should know, even if economics is not your…

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Skip the small change

A week ago a patient teller at our local bank dealt with one of my occasional visits to deposit a bag of small change. Yes, I raided the piggy-bank again, and in case you don’t believe me, there it is (left), handed out free by Macquarie Goodman at the grand opening of the Metroplex on Gateway industrial estate at Murarrie in 1998. Once I had a Bundaberg rum bottle filled to the lip with one…

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Deeper in debt

You’d think that after 42 years’ experience handling credit cards Australians would have wised up to over-using their high interest card/s and getting into debt. Research by comparison website finder.com.au shows that Aussies are up to their eyebrows in credit card debt. Finder’s analysis of Reserve Bank of Australia data shows that we have $18 billion more credit card debt than we did a decade ago and we have 16.3 million credit card accounts –…

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