Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 3AW account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 3AW content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 3AW online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Time to ditch the cheque? Reserve Bank governor says it’s in the ‘national interest’

Neil Mitchell
Article image for Time to ditch the cheque? Reserve Bank governor says it’s in the ‘national interest’

The Reserve Bank of Australia governor says it’s in the “national interest” to ditch the cheque, but a financial services expert says it’s not a good idea.

The number of personal cheques written in Australia has dropped by 85 per cent in the past decade.

But adjunct professor at Swinburne University, Steve Worthington, who specialises in financial services, says ditching cheques would be unpopular.

“The backlash would be far greater than the benefit,” he told Neil Mitchell.

“Particularly people of an older age group still use cheques, and even people in rural communities … because there’s less and less ATMs there and less bank branches.

“I think that it would be a mistake to ban it outright because it would upset a lot of people.”

Professor Worthington says it would be better to allow cheques to “wither on the vine”.

“In the next 10 years it will wither on the vine to insignificance.”

Press PLAY below for more.

Neil Mitchell
Advertisement