Insurance For Trades :: News
SHARE

Share this news item!

Contactless Revolution: The Decline of Cash Among Tradies

Contactless Revolution: The Decline of Cash Among Tradies

Contactless Revolution: The Decline of Cash Among Tradies?w=400
Australia is embracing a cashless economy, a trend that is significantly reshaping how tradespeople, or "tradies," handle transactions in their day-to-day operations.

Graham Tomkinson, a Western Australian tradie, typifies the shift away from paper money. "Nowadays, nobody pays with cash," he says. Tomkinson has not used cash both in his professional and personal life, a stark contrast to his earlier years when he would carry pocket money.

"I keep my wallet in the car simply to store my Medicare card and tool receipts. If someone stole it, I'd just need to re-register for another Medicare card," explains Tomkinson. This casual approach highlights the diminished presence of cash in his life.

Harrison Lockyer, a 20-year-old mechanic, seconds Tomkinson's experience: "EFTPOS is ubiquitous now. The only time I keep cash is for buying car parts or in case our EFTPOS network fails."

Steven Sousamlis, a builder who operates a bathroom renovation business in Sydney, believes the move towards a cashless society is inevitable. "It's increasingly rare for stores to prefer cash. Obtaining cash from banks feels more tiresome, almost like an inquisition," says Sousamlis. "With ATMs becoming rarer, carrying cash is more of a hassle than it’s worth nowadays."

Phil Cooksey, currently a general manager at Apprentices Are Us LTD and former tradie, vividly remembers when cash ruled the trades industry from 2002 to 2018. "We used to prefer cash. It simplified transactions and often meant work could be done more cheaply. Handling cash was an everyday occurrence," he recounts.

Cooksey is critical of how the decline of cash impacts the perceived value of money. According to him, a $50 note used to be worth $50 throughout, whereas now every card transaction chips away a small percentage. "Each bank fee diminishes the total transaction value," he laments.

Besides the practical shifts, there's a sentiment shared by Graham Cooke, head of consumer research at Finder, suggesting that "cash is dead.” Finder's research shows that ATM usage has been plummeting since 2008 and could disappear entirely by 2030 if the current trajectory continues.

This evolution towards a cashless economy, though gradual, exemplifies how technology and convenience are driving significant shifts in traditional practices, even for cash-dependent professions like trades.

Published:Saturday, 7th Sep 2024
Source: Paige Estritori

Share this news item:

Insurance News

Asbestos Scare Leaves Hospitality Business Uninsured Asbestos Scare Leaves Hospitality Business Uninsured
04 Jul 2025: Paige Estritori

The discovery of asbestos-contaminated mulch in a Sydney park led to the cancellation of a festival, resulting in significant financial losses for a hospitality business. Despite these setbacks, the company's claim for coverage under its business interruption (BI) policy was rejected. - read more
Landmark NSW Decision: Dog Walking Costs Covered in Car Crash Injury Claims Landmark NSW Decision: Dog Walking Costs Covered in Car Crash Injury Claims
03 Jul 2025: Paige Estritori

In a groundbreaking decision by the NSW Personal Injury Commission, an insurer has been directed to cover the costs of dog walking services for a car crash victim. The commission ruled that these services classify as domestic assistance under the state’s Motor Accident Injuries Act. This case could pave the way for broader interpretations of 'attendant care services' for claimants. - read more
Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers
03 Jul 2025: Paige Estritori

Extreme weather events in Australia have resulted in significant financial impacts for insurers, tallying $1.83 billion in losses during the first half of the year. This comes as insurance companies gear up for further claims linked to ongoing severe weather in New South Wales. - read more


Trades Insurance Articles

Protecting Your Trade: Public Liability Insurance Explained Protecting Your Trade: Public Liability Insurance Explained
Public liability insurance is designed to protect businesses and tradespeople against legal costs and compensation claims for injury or damage to property by a third party. In layman's terms, it covers you if someone sues your business for damages. - read more
Understanding Workers' Compensation Insurance for Small Trades Businesses Understanding Workers' Compensation Insurance for Small Trades Businesses
Workers' compensation insurance is a form of insurance that provides financial protection for businesses and their employees in the event of workplace injuries or illnesses. It ensures that workers receive the necessary medical treatment and compensation for lost wages if they are hurt on the job. - read more
Why Comprehensive Insurance is Crucial for Your Trade Business Why Comprehensive Insurance is Crucial for Your Trade Business
Comprehensive insurance is a type of coverage that protects your trade business from various risks and unforeseen events. It typically includes an array of policies that cover different aspects of your business operations. - read more
Understanding Workers' Compensation Insurance for Small Trades Businesses Understanding Workers' Compensation Insurance for Small Trades Businesses
Workers' compensation insurance is a form of insurance that provides financial protection for businesses and their employees in the event of workplace injuries or illnesses. It ensures that workers receive the necessary medical treatment and compensation for lost wages if they are hurt on the job. - read more
How Specialized Insurance Safeguards Australian Tradespeople How Specialized Insurance Safeguards Australian Tradespeople
Specialized insurance for tradespeople is a form of tailored insurance coverage designed specifically to meet the unique needs and risks that professionals in various trades encounter. This includes trades such as electricians, plumbers, carpenters, and other similar occupations. - read more
Trade Insurance Made Easy: Streamlining Your Paperwork Trade Insurance Made Easy: Streamlining Your Paperwork
Insurance is a crucial aspect of business for tradespeople. Whether you are a sole trader or run a small trades business, having the right insurance coverage protects you from unexpected financial burdens. - read more