Contactless Revolution: The Decline of Cash Among Tradies

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Graham Tomkinson, a Western Australian tradie, typifies the shift away from paper money. "Nowadays, nobody pays with cash," he says. Tomkinson has not used cash both in his professional and personal life, a stark contrast to his earlier years when he would carry pocket money.

"I keep my wallet in the car simply to store my Medicare card and tool receipts. If someone stole it, I'd just need to re-register for another Medicare card," explains Tomkinson. This casual approach highlights the diminished presence of cash in his life.

Harrison Lockyer, a 20-year-old mechanic, seconds Tomkinson's experience: "EFTPOS is ubiquitous now. The only time I keep cash is for buying car parts or in case our EFTPOS network fails."

Steven Sousamlis, a builder who operates a bathroom renovation business in Sydney, believes the move towards a cashless society is inevitable. "It's increasingly rare for stores to prefer cash. Obtaining cash from banks feels more tiresome, almost like an inquisition," says Sousamlis. "With ATMs becoming rarer, carrying cash is more of a hassle than it’s worth nowadays."

Phil Cooksey, currently a general manager at Apprentices Are Us LTD and former tradie, vividly remembers when cash ruled the trades industry from 2002 to 2018. "We used to prefer cash. It simplified transactions and often meant work could be done more cheaply. Handling cash was an everyday occurrence," he recounts.

Cooksey is critical of how the decline of cash impacts the perceived value of money. According to him, a $50 note used to be worth $50 throughout, whereas now every card transaction chips away a small percentage. "Each bank fee diminishes the total transaction value," he laments.

Besides the practical shifts, there's a sentiment shared by Graham Cooke, head of consumer research at Finder, suggesting that "cash is dead.” Finder's research shows that ATM usage has been plummeting since 2008 and could disappear entirely by 2030 if the current trajectory continues.

This evolution towards a cashless economy, though gradual, exemplifies how technology and convenience are driving significant shifts in traditional practices, even for cash-dependent professions like trades.

Published:Saturday, 7th Sep 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

First Home Buyer Loans See Significant Uptick with Government Initiatives

15 Mar 2026: Paige Estritori

Recent data from the Australian Bureau of Statistics (ABS) indicates a notable increase in first home buyer loans, with a 6.8% rise in the December quarter of 2025, totaling 31,783 new loans. This marks the most substantial growth since late 2023 and reflects the effectiveness of recent government interventions aimed at assisting first-time buyers. - read more

Victorian First Home Buyers Drive National Market Growth

15 Mar 2026: Paige Estritori

Victoria has emerged as a frontrunner in Australia's first home buyer market, accounting for nearly one-third of the nation's new first home buyer loans. In the December 2025 quarter, the state experienced a 3.5% increase in these loans, totaling 10,283. This growth reflects the effectiveness of recent government initiatives and the resilience of Victorian buyers amid a dynamic housing landscape. - read more

5% Deposit Scheme Drives Significant Uptake Among First Home Buyers

15 Mar 2026: Paige Estritori

The federal government's 5% Deposit Scheme, launched on October 1, 2025, has experienced a remarkable 75% increase in uptake, with 22,921 guarantees issued in the four months following its implementation. This surge underscores the scheme's effectiveness in facilitating homeownership for first-time buyers across Australia. - read more

Australian Share Market Suffers $120 Billion Loss Amid Middle East Unrest

14 Mar 2026: Paige Estritori

Recent developments in the Middle East have had a profound impact on global financial markets, with Australia's share market experiencing significant losses. Over the past week, the S&P/ASX200 index declined by 1%, resulting in a $120 billion reduction in market capitalisation. This downturn marks the most substantial weekly loss since April 2025. - read more

Firstmac Sets New Benchmark with $2.5 Billion RMBS Issuance

14 Mar 2026: Paige Estritori

In a significant development for Australia's financial sector, non-bank lender Firstmac has successfully completed a $2.5 billion Residential Mortgage-Backed Securities (RMBS) issue, marking the largest of its kind in the country. This achievement underscores the robust investor confidence in Firstmac's lending practices and the broader non-bank lending sector. - read more

Click for more Finance News