In an era where the tap of a card often replaces the clink of coins, the Australian government is considering a significant shift that could impact the way we use money.

For those who prefer the tactile sensation of banknotes and the jingle of change in their pockets, here's how you can have your say on the future of cash transactions.

The government proposed a new law requiring certain businesses to accept cash payments.

This move acknowledged the digital divide and the Australians' reliance on physical currency.

The proposed law, which could take effect early next year, was a response to the growing trend of businesses going cashless.

While digital payments offer convenience and speed, they also raised concerns about accessibility.

The government should have a decision about the proposal later this year. Image Credit: Pexels/Towfiqu barbhuiya

According to the government, 1.5 million Australians still use cash for 80 per cent of their transactions.

The government's discussion paper, released last year, showed the types of businesses that should continue accepting cash.

The list mostly contained essential services like groceries, medical care, and pet services, among others.

Businesses like cafes, takeaways, bottle shops, and hairdressers may be exempted from this rule.

One of the critical considerations for the said law was security, especially for small business owners who may be vulnerable to theft.

Business owner Bryan Wareham, who runs The Heritage Bakery, shared his concerns about carrying large sums of money for his shop.

'We would have somewhere in our possession possibly considerable amounts of money, and if I'm the owner of the business walking to my car and I get whacked over the head with a spade by someone who thinks I have the money in my pocket, no, I don't want that,' Mr Wareham stated in an interview.

The government also included a couple of exceptions within the legislation.

According to the proposal, cash acceptance should be cut off after 10 pm for safety reasons.

There could also be transaction limits, as shops may only accept cash payments if items do not exceed $500.

This consultation period could be an opportunity for Australians to weigh in on the issue.

It is also a chance to voice opinions on how the rule should operate and to address stakeholder concerns before making a final decision later this year.

The consultation period for the proposed law will end on Friday, 14 February, and encouraged the public to share their thoughts and input about the legislation as soon as possible.

The proposed law should require the following businesses to accept cash. Source: Yahoo Finance

This could be a pivotal moment for Aussies, especially seniors and rural residents who prefer or rely on cash payments.

You may send your thoughts about the proposed law via email at [email protected] on or before 14 February.

Concerned citizens may also send their submissions via mail to this address:
Director, Retail Banking and Currency Unit
Banking and Credit Branch, The Treasury
Langton Crescent, PARKES ACT 2600

The cashless revolution has been convenient for some, but it should not leave anyone behind.

Whether it's due to a lack of trust in digital transactions, difficulty in accessing technology, or simply because of preference, cash options remain significant for a substantial portion of the population.

Key Takeaways

• Australians have until Friday, 14 February, to submit their opinions on a proposed law mandating businesses to accept cash.
• The new law targeted businesses providing 'essential services' and another list for consideration that may exempt other businesses.
• A consultation process is underway, and the government is considering various conditions for safety reasons.
• The push for the cash acceptance law was a response to 1.5 million Australians who still use cash for their daily transactions.

What are your thoughts on the proposed cash acceptance law? Have you sent your suggestions to the authorities? Share your thoughts and suggestions with us in the comments below!

 

[Beany]

I use cash when I can and card when I have to, I prefer cash because you know how much you have to use, if you have taken out a specific amount for the week if you don't have a lot you don't just go and spend it unless you need to. As you get older you realise that you don't need to just go and spend for the sake of spending. There are places that don't take cash and there are places that prefer you use your card but as its legal most places still take cash. If they do not then I say bye if they do I pay cash.

 

[Anthony Ellul]

Keep it as it is .

 

[HelenFB]

Everybody should have the right to use cash OR card. Cash is legal tender & should be accepted everywhere. If small businesses don’t want cash then they don’t deserve to have patronage….find somewhere else to buy what you want.
People should not be forced into going cashless. There is a lot of competition out there.

 

[PHL]

I want to pay cash to avoid the often heavy adding charges for cards

 

[Mindygirl12022]

Nonononononononoonono!

 

[havingadoggyday]

How do you pay a vet in cash? My vet bills are usually so high that I wouldn't carry that sort of cash with me, safely. I do, however, agree that cash should be accepted in certain places not just cards.

I agree never had a vet bill under $250

 

[havingadoggyday]

I use cash when I can and card when I have to, I prefer cash because you know how much you have to use, if you have taken out a specific amount for the week if you don't have a lot you don't just go and spend it unless you need to. As you get older you realise that you don't need to just go and spend for the sake of spending. There are places that don't take cash and there are places that prefer you use your card but as its legal most places still take cash. If they do not then I say bye if they do I pay cash.

Well my hairdresser only takes cash so then they can play with the customer book,erase in pencil who they want and not declare most jobs done for the day most hair appointments are never under $150 mostly more from what I hear from the chair they obviously are not worried about being robbed rather than pay tax a d honesty.

 

[Glenys R]

All organisations should accept cash. Technology is o.k. if everything is working which often it is not! What about power cuts? Cash is essential and should be accepted everywhere. Not everyone wants to do digital banking and so on and it's often a scam trap for older folk!

 

[Robbo3006]

Eventually the banks will say no transaction fees on cards, then when everyone is sucked in, they will charge whatever they want, believe Me, Banks are not Your friend.

 

[Vikki]

There should always be more than one way of paying for goods and services.. I support the businesses that have a " cash is king " sign displayed. For those businesses that only take card I will walk away if they don't accept savings cards. I do not wish to use my credit card for smaller purchases and boy do retailers get a shock when I leave my goods or cancel my order and walk out when their card machine doesn't give me the option of using saving s but only credit.

 

[Marie jones]

I would still like cash as king because if systems go down no one has money how does that work if it's out forl longer then what happens in a emergency no cash think about that plus I like to keep track of how much you spend with cashless card hard for people to keep track can overspend

 

[Jen61]

It's a tricky question. On one hand it's probably safer for consumers and businesses not to carry cash. On the other hand if you lose your transaction card you can lose all of your money.
I can understand people feel more comfortable using cash or using their card.

 

[Phantom55]

so if cash is gone we now have to lose the value of our dollar ...at present about 4 % so ea dollar we spend is now worth 96 cents ...that is until they increase the charge, of course everything will be increased to fool us into thinking the banks are paying this fee, but as always the end user is the one that loses. ( namely us)

 

[macca4949]

This is just another way to get you to support the banks , to keep their profits up but also about controlling your spending. Their ultimate goal is to control what you spend, where you spend etc. I have been going with cash for nearly 2 years, bugger the banks, nothing but crooks.

 

[June E]

I think we should have both. A lot of people do not understand using anything except cash and can’t afford smart phones and online banking etc.
This is another sneaky move to go cashless altogether! Which should not happen until it’s much safer from scammers and outages !

 

[Miss Chris]

Such a sad state of affairs when businesses that should accept cash need to be made known like this……. I mean, I know that businesses are allowed to dictate how they receive payments for goods, services etc……….but it really is ridiculous when cash is still legal tender, and as long as it is, it should be accepted as such by ALL businesses …

 

[Jean55]

I don’t like the fact that you get charged a fee sometimes, when you use your debit card, you are using your own money, but charged as if it was a credit card. I will always pay cash at my butcher as he puts a fee on if i use my debit card.

 

[Pommyoz]

Who will come to our aid when the ATM goes on the blink ? We need to have a certain amount of cash to tie us over. Especially women with young children .. Not forgetting the Elderly ..

Yep, on a weekend I needed cash for a marketplace item. ATM was down, so hubby and I raided the ashtray in the car and scraped the amount perfectly. The seller accepted it with laughter!! I rest my case.

 

[Old timer]

if you use a card .... the bank makes their fee off of the transaction.
every transaction.
every time.

so, your money diminishes in value.
the bank gets richer, and we get poorer.

if you use cash, the bank only makes a fee when someone hands that cash into the bank.
it circulates fee free.

So, is this the real reason banks want us to go cashless ???

I drop my loose change into the Salvation army box do I drop my card in instead?

 

[Pommyoz]

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