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Expensive washing? Australia loses $8 billion in cash
Washing machines and the backs of couches are making Australians poorer to the tune of $8 billion as they destroy and swallow our cash. Special research by the Reserve Bank suggests up to one in 10 banknotes on issue in the country has been waylaid, wolfed down by a curious pooch or simply forgotten. Even though people are switching to cards and digital systems for their day-to-day purchases, there is still $76 billion worth of notes working their way through the Australian economy. Somehow, even though we aren't paying for many things in cash any more, there is still more cash in circulation than ever before. ... (full story)