Radio host Kyle Sandilands has slammed moves toward a cashless society after an ANZ outage in Woolworths and Coles.
When his Kyle And Jackie O Show co-host Jackie Henderson shared her support for going cashless, shock jock Kyle was quick to shut her down.
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Sandilands revealed he went into Woolworths last week and noticing a “cash only” sign during the ANZ breakdown last week.
“No cards or credit cards,” the sign read.
Sandilands said digital money is “fine for convenience” but questioned what happens when technology does not work.
“I don’t know if it’s that dire,” Henderson said.
“No one has cash and then if you go to get your cash out, is that going to work?” she asked.
Sandilands said he wanted to “warn” his listeners: “Cashless society is going to be a big problem.”
When Henderson said she liked cashless, he continued: “What you’re not understanding is if there is a big internet problem Australia-wide tomorrow, no one’s got any money.”
Henderson replied that “even in the past when we had cash and we used cash, a lot was in the bank anyway — all our savings were in the bank”.
“It’s not like we had that cash ready to go should the s*** hit the fan, that was all locked up in the bank anyway,” she said.
Her co-host went on to say if Eftpos stopped working, someone could still walk into a bank branch and withdraw money.
“You don’t have to go to an ATM, there are still people in the banks,” Sandilands said.
“The banks want to stop people from working there and have no real money, just digital money.
“But we can’t stop any hacking. All these old people are getting robbed. Left, right and centre. No one can do anything.
“We’re not ready for it. We’re not ready for a full cashless society.”
It comes after Reserve Bank of Australia statistics were released showing cash is still widely used across Australia.
Published on April 8, the RBA’s Retail Payments report revealed Aussies withdrew $9.5 billion in total from ATMs in February 2024 — a growth rate of 9.5 per cent over the year from February 2023.
The report showed Aussies made 30.9 million ATM withdrawals — a 3.7 per cent rise over 12 months — which many have pointed to as evidence of a growing trend towards using cash again.