Forecast: Number of ATM Cash Withdrawals in Australia

The number of ATM cash withdrawals in Australia stood at 500.85 million units in 2023. Over the past decade, there has been a steady decline, attributable to the diminishing reliance on cash transactions. From 2013 to 2023, we observed a continuous decrease, with a notable dip of 19.43% in 2020, influenced by the COVID-19 pandemic. Following a brief recovery in 2021, the trend resumed its downtrend.

Recent data show a year-on-year decrease of 7.6% in 2022 and 3.01% in 2023. The cumulative average growth rate (CAGR) over the last five years has been -2.8%. Forecasts predict this downward trend to continue, with an expected CAGR of -2.81% from 2024 to 2028, leading to a total decrease of 13.28% over the same period.

Future trends to watch for:

• Increased adoption of digital payments and fintech solutions
• Continued reduction in the number of ATMs as cash usage declines
• Potential implications of regulatory changes and financial inclusion initiatives