Michele Bullock, the new Governor of the Reserve Bank of Australia (RBA), suggested during a recent summit meeting that having lending institutions and banks charge customers an additional fee to use cash would aid in the country moving towards a cashless society.
This idea was introduced yesterday during the Australian Payments Network Summit in Sydney, speaking on the central bank’s intentions to modernize the financial networks in the country going into 2024. Bullock read-off a prepared report the RBA released for the summit which explains this transition.
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