Macquarie Bank Scraps Cash

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betterinvestmentthanshare

Well-Known Member
Anyone heard their latest news?
The big push starts 1 January 2024 - 1 November 2024.
They won’t be handing out or accepting cash.

preparation for future negative interest rates?
 
Macquarie Bank announces shock move to scrap cash in all branches
A major bank had made a shock decision which could have massive implications for the way Aussies access their cash
A major bank has made the shock decision to scrap cash in all of its branches across Australia, in what could be another step towards a cashless society.

Macquarie Bank has announced it will phase cash out across their branches in 2024, and by November of the same year, the bank won’t accept cash anywhere.

“Between January 2024 and November 2024, we’ll be phasing out our cash and cheque services across all Macquarie banking and wealth management products, including pension and super accounts,” the bank said in a statement to clients.
 
betterinvestmentthanshare said:
Anyone heard their latest news?
The big push starts 1 January 2024 - 1 November 2024.
They won’t be handing out or accepting cash.

preparation for future negative interest rates?
Click to expand...
I doubt the RBA would ever set a negative cash rate. I think they are just preparing for a phase out of cash and the beginning of a cashless society.
 
typical MacBank…get $$$$ as quick as possible..when you wanted to get a refund, they’ll take their time to refund.
 
Have a look at the RBA website.
CBDC definitely coming next year.
Of course Mac bank would go cashless.
There are 6 trials going already in Australia.
 
index.php
 
florincollector54 said:
I doubt the RBA would ever set a negative cash rate. I think they are just preparing for a phase out of cash and the beginning of a cashless society.
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Negative interest rates can only work in a cashless society, especially in a definitionary period
Nothing happens overnight but in the future….
Never doubt…..it will happen or it won’t.
I strongly suggest you do some research
 
In the current financial system negative interest rates would just lead to people housing their wealth in other assets/investments.

In a system of CDDCs, where they have some form of control over the currency and its whereabouts I imagine they could theoretically set the cash rate to negative, although in such a system there would be much more efficient and targeted methods of influencing the economy.
 
mmm....shiney! said:
Can you give a rundown of why negative rates only work in a cashless society?
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It's simple. If the bank is taking a portion of deposits as negative rates. Most people would withdraw their deposit as cash negating the bank's ability to take it.
 
florincollector54 said:
In the current financial system negative interest rates would just lead to people housing their wealth in other assets/investments.

In a system of CDDCs, where they have some form of control over the currency and its whereabouts I imagine they could theoretically set the cash rate to negative, although in such a system there would be much more efficient and targeted methods of influencing the economy.
Click to expand...
CBDC has the ability to influence individual spending habits by a personal individual inflation rate on everything you purchase.
You buy to much of your favourite thing, you get hit with a inflation tax to discourage you from buying it until they see fit.
Government here to help keep inflation in check.
Government price controls have been proven to be detrimental to the economy, trying to control inflation via individual inflation rate is a new thing
 
mmm....shiney! said:
That makes sense. And as @florincollector54 says people would load up on assets with spare cash deposits ie discretionary spending. And those without spare cash will do what those without spare cash have been doing for a milenia. I'm more than happy to swap fiat for assets anyway so I don't think that negative rates will have the intended outcome that our policy makers would like. Witness the failure of monetary policy in boosting/suppressing inflation over the past few decades.

On another note not related to CBDCs I can't see rates getting as low as they have been again, or for the next few years at any rate. Beyond that who knows?
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As you know, economies run in cycles.
 
Negative interest rates are ment to get you spending which Spurs the economy and government gets their taxes.
Remember Howard was telling us to save more.
Remember our previous treasurer was telling us to go and spend, spend, spend.
With CBDC, it will be all programmed
 
mmm....shiney! said:
They do, I just wish I could pick the cycles better. :D
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A bit of research Shiney and you’ll find them.
Start with the fall of Rome
The Dutch, Spanish, English all went through the same cycles, now it’s the US’s turn. I really think CBDC’s is the US’s last ditch effort to hold onto power, whether it works remains to be seen or whether it’s just another kick of the can down the road (prolonging the inevitable)
 
Where to park your wealth during uncertain times and make money are for those very small % in the know.
We may all take a haircut, it’s just some may get a trim but most will get a crew cut, then the cycle starts all over again.
Place your bets
 
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