Running cron job CiviCRM on Drupal in the CPanel
I appear to have resolved the issue with the help of the thread at Cron job with shared hosting CPanel

The issue was related to missing backslashes after the username and the password.

/usr/bin/wget https://domain/sites/all/modules/civicrm/bin/cron.php?name=username\&amp;pass=password\&amp;key=key