In a move sending shockwaves across Australia’s financial sector, one of the country’s largest banks—Westpac—has announced plans to axe 1,500 jobs. This dramatic cut is part of a broader shift toward a cashless, digitized banking system, and it’s already sparking fierce debate, public outcry, and fears of rising unemployment and financial exclusion for vulnerable Aussies.
With bank branches and ATMs disappearing at record rates, experts and citizens alike are asking: What’s the cost of going cashless?
Inside the Job Cuts
Westpac’s Strategic Move Under the UNITE Program
The job losses stem from Westpac’s “UNITE” initiative, a sweeping overhaul aimed at simplifying the bank’s core systems and reducing operational costs. Introduced in 2023, the program seeks to consolidate tech platforms and automate services. While the goal is modernization, it comes at a human cost—over 1,500 staff members are set to lose their jobs, affecting a wide range of departments.
Departments and Roles at Risk
Though Westpac has not released a breakdown, industry insiders believe roles in back-end operations, customer service, and IT are among the most impacted. The cuts also follow a broader trend within Australian banking of shifting resources from physical branches to digital platforms.
The Bigger Picture: Australia’s Shift Towards a Cashless Society
Digital Banking Trends
Australia is sprinting towards a cashless future. More than half of the nation’s ATMs and a third of bank brancheshave shut down since 2019. Contactless payments, mobile apps, and digital wallets now dominate daily transactions.
The Vanishing ATM and Branch Network
In rural and regional areas, where digital infrastructure isn’t as reliable, branch closures are hitting particularly hard. Many older Australians and low-income individuals still rely heavily on cash and in-person services, raising concerns about financial inclusion.
Impact on Workers and Communities
Staff Reactions and Union Response
For affected employees, the news has been devastating. Unions have criticized the move as “short-sighted” and “profit-driven,” especially considering Westpac’s strong financial performance in recent quarters. Calls for severance packages and job placement support are growing louder.
Effects on Regional and Elderly Customers
The elderly, people with disabilities, and rural residents often lack access to online banking tools or the digital literacy to use them effectively. Critics argue that banks are abandoning their duty to serve all Australians equally by closing branches and shedding staff.
Bankwest and CommBank’s Digital-Only Transition
Elimination of In-Person Services
Following suit, Bankwest (owned by CommBank) recently confirmed the closure of its remaining metro branches, cutting 163 more jobs. It’s a clear signal: digital-only banking isn’t a trend—it’s becoming the standard.
Public Reaction and Backlash
Public trust is eroding as customers feel left behind. Online forums and community groups are flooded with stories of long wait times, app crashes, and people struggling to withdraw cash or pay bills in person.
National Outcry and the Rise of ‘Cash Out Day’
The Protest Movement Against Going Fully Digital
In response, grassroots campaigns like ‘Cash Out Day’ have gained momentum. Australians were urged to withdraw large sums of cash on a specific day to show banks that physical money still matters. The symbolic protest sent a powerful message and even trended nationwide.
How Australians Are Taking a Stand
Advocates are also pushing for legislation that guarantees the right to use cash in daily life—arguing that a purely digital economy risks leaving behind society’s most vulnerable.
