Business
Australians hoarding cash under the mattress – The Australian Financial Review
The coronavirus pandemic has led to a spike in Australians stuffing cash under their mattresses but using it less and less for everyday transactions, according…
The bulk of the growth occurred in the first six months of the pandemic, with about $13.1 billion in gross issuance from March to August. Demand grew relatively moderately during April while the country was in its first lockdowns but picked up between May and August.
High denominations $100 and $50 notes led the cash boom, comprising about 90 per cent of the banknotes issued during the period and reflecting demand for cash as a store of wealth rather than for daily use.
There was no issuance of…
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