Looming money overhaul spells danger for cash users! Here's what you can do
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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.
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.
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.
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!
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.
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I'd boycott any business not taking a card!
