Forecast: Value of Cheque Payments in Australia

The value of cheque payments in Australia has shown a notable declining trend from 2013 to 2023, decreasing from 1.1769 trillion USD to 0.4554 trillion USD. The year-on-year variation highlights consistent negative growth, with occasional fluctuations like a slight increase in 2019 and 2021. Over the last two years, the value decreased by 8.55% in 2023 and 12.4% in 2022. The Compound Annual Growth Rate (CAGR) over the past five years is -5.85%. The forecasted values continue this trend, with a projected value of 0.23467 trillion USD in 2028, reflecting a further CAGR decline of -10.58% and an overall cumulative decrease of 42.84% over five years.

Future trends to watch for include the ongoing shift towards digital and contactless payments, which will likely accelerate the decline in cheque usage. Additionally, advancements in real-time payment systems and the increasing preference for more efficient transaction methods are expected to further reduce the reliance on cheques.