Contactless Revolution: The Decline of Cash Among Tradies
Digital Payments Transform Tradie Transactions in Australia
6
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.
Australia is embracing a cashless economy, a trend that is significantly reshaping how tradespeople, or "tradies," handle transactions in their day-to-day operations.
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.
The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will implement a cap on high debt-to-income (DTI) home loans, limiting banks to issuing no more than 20% of new home loans with DTI ratios of six times or higher. This measure applies to both owner-occupier and investor loans, excluding new housing developments. - read more
In a notable shift within Australia's financial sector, Japanese banking giants Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG) have emerged as key drivers of growth in business lending. As of July 2025, business lending volumes across Australia's top 10 authorized deposit-taking institutions (ADIs) reached A$925 billion, with SMBC and MUFG leading the expansion. - read more
Loan Market Group's (LMG) Asset Finance Exchange (AFX) has achieved a significant milestone, reporting approximately $80 million in settlements within its inaugural year. This accomplishment underscores the increasing demand for asset finance solutions among Australian small and medium-sized enterprises (SMEs). Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check! - read more
The Australian Finance Industry Association (AFIA) has welcomed Housing Australia's recent decision to expand lender access to the Australian Government's 5% Deposit Scheme. This strategic move is set to increase competition among lenders and provide prospective home buyers with greater access and choice in the housing finance market. - read more
The Australian Finance Industry Association (AFIA) has expressed strong support for the Albanese Government's recently unveiled National AI Plan, viewing it as a significant step toward unlocking the vast economic and productivity benefits that artificial intelligence (AI) can offer to Australia's finance sector. This strategic initiative is poised to position the nation at the forefront of AI integration within financial services, potentially contributing up to $60 billion to the economy. - read more
Welcome to our step-by-step guide to navigating the loan application process! Whether you're seeking a home loan, personal loan, or business loan, the journey can seem overwhelming. - read more
Understanding the nuances of interest rates in today's Australian financial landscape is more than a matter of mere fiscal responsibility; it is a critical step in safeguarding your personal economy and ensuring that any loan acquired aligns perfectly with your financial aspirations for 2024 and beyond. In a world where every percentage point can translate into significant savings or costs over time, grasping what's at stake when selecting a loan provider becomes an essential skill. - read more
Understanding the loan application process can be quite challenging. However, with the right tools, it becomes much easier to navigate. One of these essential tools is a loan calculator. - read more
Personal loans are a financial tool that many young professionals consider when they need extra funds. Whether it's for consolidating debt, covering unexpected expenses, or making a big purchase, personal loans can provide the flexibility you need to manage your finances effectively. - read more
As we step into the year 2024, the financial landscape continues to evolve, bringing to the fore the ever-critical subject of interest rates. For anyone considering taking out a loan, whether for a car, a home, or personal expenses, understanding the mechanics of interest rates is not just beneficial; it’s essential. - read more
Need Help Finding a Loan?
Find out now if you qualify and
compare rates, offers and options from multiple lenders - without a credit check!
All finance quotes are provided free (via our secure server) and without
obligation. We respect your
privacy.
Knowledgebase
Return on Investment (ROI): A measure used to evaluate the efficiency of an investment or compare the efficiency of several different investments.
