It comes as the Reserve Bank of Australia rolls out its New Payment Platform (NPP), which will allow for money to be transferred between banks instantly.

The news is increasing speculation notes and coins may soon become a thing of the past. University of New South Wales economist Richard Holden has predicted Australia could be a cashless society by 2020.

Mr Wright predicted it could be between five and 10 years before people stopped using cash, and he expected it would never disappear completely.

“From a government perspective I guess there’s a higher level of accountability there, so the opportunity for the government to maximise tax revenue is a benefit for government I suppose,” he said.

“From a business sector perspective there’s no trip to the bank required and there’s no need for locks and safes to store cash.

“It certainly removes the human impact of that, whether it be through theft or simple errors in handling cash so you’d minimise errors in that type of thing – I don’t see any downside in it.”

The number of everyday transactions taking place online was always increasing, Mr Wright said. But he expected progress would be slower in regional areas.

“I wouldn’t say we’re immune to [technological] change but we’re not as exposed … as those major cities,” he said. “But I see businesses taking advantage of technological changes and utilising those in their businesses. There’s no question about that.”