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Almost three times as many $100 notes in circulation as $5 notes

There are calls to do away with the $100 note.

Investment bank UBS has claimed there are nearly three times as many $100 notes in circulation as $5 notes.

But they’re rarely seen.

Steve Worthington, Adjunct Professor at Swinburne University, told Ross and John that was largely for two reasons.

They’re used by criminals and often hoarded by others in case of emergency, or expensive cash purchases to avoid paying tax.

While he can see a cashless society in future, he said it wouldn’t be for a long time.

‘We do need cash, particularly in these uncertain times,’ he said.

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