AnCap Good News: Growth in OZschwitz notes shows cash is king

CASHLESS? Hardly. Australians are holding on to more of the stuff than ever before and accumulating it at an increasing rate.

The latest Reserve Bank figures show our holdings of plastic notes grew 7 per cent in the year to June, at a time when the population grew 1.4 per cent.

Australians now hold an average of seven $5 notes per person, up from five a decade ago, and five $10 notes, up from four. Our holdings of $20 notes are little changed, at seven per person.

The explosive growth is in the holdings of $50 notes - up from 15 per person to 23 per person - and $100 notes, up from seven per person to 10.
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So much do the big-value notes dominate, the bank says $50 and $100 notes account for 91 per cent of the value of notes in circulation and 65 per cent of the number of notes in tills, wallets and storage.

Read more: http://www.smh.com.au/business/growth-in-notes-shows-cash-is-king--rba-20120923-26f5i.html#ixzz27L72enXZ

AnCap Good News: Growth in OZschwitz notes shows cash is king

AnCap Good News: Growth in OZschwitz notes shows cash is king

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