Despite the rapid rise in digital payments, about 1.5 million Australians still use cash regularly, according to Treasurer Jim Chalmers. Cash can be a lifeline, he explained, when announcing plans last month to require all businesses in Australia selling essential goods, and healthcare suppliers, to accept cash for payment.

The move follows similar cash mandates around the world. The government has also warned banks that they need to keep regional branches open or they will pay a hefty levy.

About 94 per cent of businesses continue to accept cash in Australia.Credit: Dominic Lorrimer

However, branches have been closing in droves, making cash harder to come by, with 230 bank branches closing across Australia in the last financial year, and 2334 in the past seven years.

The latest data from the Reserve Bank shows that the total value of cash withdrawals was $106.85 billion in the year to September this year, rising by $2.35 million on the previous year.

And while cashless payments continue to be the preferred way for many of us to pay, here are seven reasons why we shouldn’t abandon cash just yet.

1. To support local businesses.........

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