MPs Move Bill to Compel Businesses to Keep Using Cash

Published on June 5, 2024

Businesses will need to continue accepting cash or face penalties, under a new bill being pushed to get physical tender alive. The move comes as Australians increasingly opt for digital payments, and eschew cash-based transactions, which have plummeted over the last two decades. Meanwhile, a significant number of banks have phased out cash and cheque services in regional and remote areas, with 11 percent of Australia’s bank branches vanishing in 2023, sparking fears that rural communities could be at a disadvantage. In a bid to halt Australia’s transition—predicted by the Commonwealth Bank to happen as soon as 2026—independent federal Members Andrew Gee (Calare), and Bob Katter (Kennedy) introduced the private member’s bill, Keeping Cash Transactions in Australia Bill 2024....

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