The changes, which came into effect on 1 October, prevent businesses from adding separate surcharges to Visa, Mastercard, American Express and eftpos transactions. The Federal Government estimates Australians will avoid approximately $1.6 billion in annual surcharges, while reforms to interchange fees are expected to save businesses around $910 million each year. However, businesses can still incorporate their remaining processing costs into their advertised prices, meaning those costs haven’t necessarily disappeared.
For some small businesses, cash is once again looking attractive. There are no percentage-based merchant fees attached to a banknote, and accepting physical money can help preserve margins on smaller transactions. But just as businesses begin reconsidering the benefits of cash, another problem is emerging.
New Reserve Bank figures reveal that counterfeit currency detections have reached their highest level in eight years, with 40,613 fake notes identified in the 12 months to March 2026. Approximately 95% were $50 and $100 notes, while the detection rate has increased by 277% from its December 2024 low. Authorities are also warning that counterfeit notes are becoming increasingly sophisticated, making them harder for everyday Australians and businesses to identify.
And there is another problem with returning to cash. Over the past decade, Australian banks have steadily reduced their physical branch networks and cash-handling facilities, making it increasingly inconvenient for businesses to deposit their takings. Cash might avoid merchant fees, but counting, securing, transporting and depositing it all carry costs of their own.
Cards remain Australia’s preferred payment method, and there is little evidence yet of a widespread reversal towards cash. However, the renewed interest raises an important question about the direction of Australia’s financial system. As more transactions become digital, businesses and consumers are becoming increasingly dependent on the banking infrastructure that processes them, even when the costs of doing so are less visible.
Meanwhile, gold has experienced a difficult week, slipping below its 50-day moving average on Monday and struggling to recover as selling pressure continues. Each subsequent session has shown further weakness, with the Relative Strength Index (RSI) now sitting around 42, suggesting that buyers have yet to regain control.
With gold trading beneath this important technical level, the possibility of further downside remains. An RSI of 42 is not yet considered oversold, leaving room for prices to retreat further before buyers potentially return. Traders will be watching whether gold can establish support at lower levels or recover above its 50-day moving average, which would provide a more encouraging signal for the weeks ahead.
The contrast between physical cash and gold is worth considering. Both exist outside the everyday card payment system, but they serve very different purposes. Cash provides immediate liquidity and convenience, while gold has historically attracted investors looking to preserve wealth over longer periods, particularly when confidence in currencies and financial markets becomes unsettled.
As Australia continues its transition towards electronic payments, the discussion is increasingly about more than convenience. It is also about the cost of accessing, transferring and preserving the value of money, something that remains relevant whether Australians are holding banknotes, money in the bank or physical gold.
The 50-day moving average (50MDA) tracks gold‘s average closing price over the previous 50 trading sessions, helping investors identify whether short-to-medium-term momentum is strengthening or weakening.
When gold trades above this average, it generally indicates a healthier upward trend. A sustained move below it can suggest that sellers are gaining control, particularly when accompanied by a falling Relative Strength Index (RSI).
An RSI of 42 places gold below the neutral level of 50, but still above the commonly recognised oversold threshold of 30. This suggests that further selling remains possible, although neither indicator can reliably predict where prices will bottom. Investors should consider these technical signals alongside inflation, interest rates, currency movements and broader economic conditions rather than relying on any single indicator.
Disclosure: This article is provided for general information and educational purposes only and does not constitute financial advice. Markets can move quickly and past performance is not a reliable indicator of future results. Always conduct your own research and consider your personal circumstances before making investment decisions.
