Australia’s largest bank in favour of cash

Key points

• Australia's largest bank says it is committed to keeping cash available across the economy. Chief executive Matt Comyn made the remarks at the bank's annual general meeting in Sydney.
• A Reserve Bank of Australia survey found cash use has stabilised and makes up about 15% of payments by number and 8% by value. About half of Australians use cash in a typical week.
• Chairman Paul O'Malley said the bank spends about $400 million a year to keep cash available. The bank has also joined the other three major banks in a joint venture to create a common cash reserve.