It appears Australia is truly on its way to becoming a cashless society, with the number of notes in circulation officially declining for the first time since dollars and cents were introduced in 1966.

According to data from the Reserve Bank of Australia (RBA), more than a billion dollars worth of physical cash disappeared from circulation in the last financial year, a shift that’s likely to make life more difficult for the elderly and for those in the regions.

Authorities say less cash will also hurt the nation’s criminals, who rely heavily on its use, making it harder for them to make transactions undetected.

Every year since 1966 when the country transitioned from pounds and shillings to decimal currency, the total value and number of notes in circulation increased.

That all came crashing to a halt in the 2022-23 financial year, with a sharp decrease in $50 notes especially.

The RBA’s sur