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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

Broker Review Puts Loan Recommendations Under Fresh Scrutiny

28 Oct 2026: Paige Estritori

ASIC’s latest review of mortgage broker conduct has put a spotlight on how loan recommendations are explained, documented and challenged when a cheaper option is available. Although the review focused on home loan brokers, the practical lesson is broader: borrowers should understand not only the advertised rate, but also why a particular loan structure, lender or feature is being presented as suitable. - read more

Charging Access Becomes a Bigger Part of Electric Truck Funding

28 Oct 2026: Paige Estritori

Australia’s electric truck conversation has shifted from vehicle availability alone to the practical question of where, when and how commercial vehicles will charge. Ampol’s October 2026 activity has made that shift clearer, with the company announcing a proposed acquisition of Evie Networks and a separate memorandum of understanding with Foton Mobility Distribution to explore charging solutions for electric commercial vehicles. - read more

ASIC Review Highlights the Need to Question Costlier Loan Recommendations

28 Oct 2026: Paige Estritori

ASIC’s 13 October 2026 review of major mortgage broker groups has delivered a timely reminder for borrowers: a loan recommendation should be understandable, evidence-based and clearly connected to the customer’s needs. The regulator found that broker practices generally aligned with its guidance, but also identified gaps in how some higher-cost loan recommendations, supervision processes and complaints were handled. - read more

Off-Road Boom Changes the Motorcycle Budget Conversation

28 Oct 2026: Paige Estritori

Australia’s motorcycle market is ahead of last year after the first nine months of 2026, but the latest FCAI-audited figures point to a recovery driven mainly by off-road demand rather than a uniform lift across every type of bike. For riders thinking about motorbike finance, that distinction matters because the practical costs attached to a trail bike, junior motorcycle, scooter or road machine can look very different once purchase price, transport, gear, insurance and maintenance are considered together. - read more

Card Surcharge Ban Adds New Cash Flow Test for Small Firms

28 Oct 2026: Paige Estritori

Australia’s new card surcharge rules have turned a small checkout fee into a wider cash flow question for consumers and small businesses. Since 1 October 2026, businesses have generally been unable to add card payment surcharges for major card networks, making payments look simpler at the counter but leaving operators to decide how remaining merchant costs fit into their pricing, margins and budgeting. - read more

Click for more Finance News