The consultation attracted 6106 submissions (6083 from individual members of the public and 23 from organisations).
Organisations that submitted ranged from commercial banks, businesses, financial service providers, cash industry participants, policy advocacy groups and community groups.
Key points from the published findings executive summary include:
- Around half of respondents were dissatisfied with current cash services in their district (48.5%) and across New Zealand (53.87%).
- 90% agreed (76% strongly agreed) that New Zealand needs a standard for cash access, and this was true whether they lived urban or rurally.
- We proposed a standard that 50% of respondents said was “about right” but 28% said was not enough for their district.
Themes that emerged from the 23 organisations who submitted included:
- The retail sector’s own survey supported a cash services standard.
- Civic groups said cash is important in their clients’ lives, and for fundraising, and they wanted a minimum accessibility standard too.
- Some banks supported the public having continued access to cash and a voluntary approach with industry to achieve that, but not our detailed proposal.
- Businesses that are suppliers to the cash system agreed intervention was needed.
- Other organisations said cash access was an important public issue and some supported a minimum standard.
- Some respondents had concerns about our proposal’s estimated benefits and costs, and favoured digital payments services over cash services.
Karen Silk, Assistant Governor Money, welcomed and thanked people for their views. “New Zealanders use and value cash alongside digital ways to pay. More than 6000 people completed our questionnaire and about 4000 wrote to us or gave extra information and we appreciate all contributions. Small business owners and market stallholders told us that cash was a secure, reliable way to get paid but that depositing cash, getting coins, and accessing bank services was becoming harder and more costly,” she said.
The consultation findings are consistent with varied research we have done over the past 5 years.
We are now engaging with a bank working group to improve cash services across New Zealand.
