Looming money overhaul spells danger for cash users! Here's what you can do

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.


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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.


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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!
 

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Loading data . . .
the email address you have listed for us to send our comments to .... is wrong.
it does not work, but comes back as an incorrect address.

[email protected].

do not use the email written above.
I too, went to use this email address and it is wrong! Hopefully Danielle F. will put up the correct email address,as I would like to voice my thoughts along with many others, I am sure!
 
My Visa card is only used for emergencies.
I use it every time to gain award points, except where there is a merchant fee. So far, I have received a Canon camera, two food processors, and multiple small items. I pay it off by the due date, and the money is earning interest at the same time.
 
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THAT IS EXACTLY THE REASON, WE END UP DOING THEIR WORK FOR THEM AND THEY CHARGE US FOR DOING IT. MY ELECTRICITY COMPANY IS INSTALLING A NEW SMART METER FOR FREE, BUT THE BILLS ARE GOING TO BE MONTHLY INSTEAD OF QUARTERLY, SO THE FEES WILL NOW BE 12 INSTEAD OF 4 A YEAR. SNEAKY BASTARDS. HOW MANY PEOPLE MISSED THAT LITTLE INCREASE?
I stopped Ergon from putting one in my meter box, they can cut your power off ,are afire hazard ,and can sell your information, they have tried a few times but get nowhere with me .
 
No business or the government should be dictating what or how we should spend, cash is a legal tender , don’t want my cash will go to one who does.
 
How would you pay the gardener, babysitter, petsitter, handyman, cleaner, neighbour's kid who washes your car, home dressmaker, , etc,....?
I prefer supporting friends and neighbours in need, than using a company!
 
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A cashless society would rely on a complex network of digital systems, which would be vulnerable to cyberattacks. If these systems were hacked, it could have a devastating impact on the economy. Privacy is another challenge to be raised . Cash can be exchanged anonymously, leaving no digital trail.

Then, look at the areas in Australia that have limited internet capability. How do their corner stores, post offices, banks (if there is one), supermarkets, an so on, carry out cashless trading without internet capability.

Another big one that will be difficult to explain to the kiddies, the tooth fairy ceases to exist, the piggy bank will only take piggies, and pocket money has to be online. I opened my first bank account when I was in Kindy. I lined up on school banking days and deposited my Penny each week. How does one teach saving habits without being hands on and seeing money go from the hand to the book. That's another thing. I was talking to a young lady the other day about having to take my bank book in for some kind of update. She asked me, what's a bank book.
 
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)
If cash is eliminated, bank fees on all types of transaction cards should be abolished. I like having a little bit of cash to donate directly to homeless people.
 
Cash is legal tender and I don’t like being told I can’t use it. Mistakes happen with the banks and I’d rather stay in control with my money. That’s a way we have control over it. Cashless enables businesses to control you. Cashless obviously is the way to avoid risks for business. Amazing how we are manipulated for the needs of the more influential and powerful
 
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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.
I kind of think that has been going on for a little while now -- ever since the Neanderthals discovered that it was easy to hide a few shells from the missus to spend on a refreshing ale with the boys and not tell her how much he got as his share in the sale of the woolly mammoth meat.
Probably the first tax man was a standover merchant who decided that some other people were as crooked as he was and he found out it was easier to get them to pay him a bit of their profit with the help of a hefty club and very little effort on his part apart from threats.
 
I always use cash for small purchases, as I get fed up with paying 1.8 &2% extra in bank fees. It annoys me that the MCG in Melbourne doesnt except cash, so say 12 or 13 yr olds, want to buy something they need to go with some-one that has a card. I wouldn‘t think too many young kids have a card. This is not teaching kids the value of money, as there is a number of sporting facilities that do not except cash.
 
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There will always be a fee, you may just not see it, hidden in an increase in the price of the item or a reduction in the quality or size of the item. What about the cashless indue card Dutton plans to introduce for the age pension ? how much of the small pension is going to be lost on card fees.
He is not suggesting it for all Centrelink recipicents , only a small percentage that are unable to manage money.
 
Why exemptions? Security is pretty lame excuse when cash was all we had not so long ago & the chances of being scammed digitally would surely far outweigh the security risk one would think?
 
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I only use my debit card, on my phone, all the time. Much better and quicker then messing about with cash. I think I've still got a $10 note in my wallet I must have had for about 5 years? Will probably keep it as a souvenir? 🙂

I certainly don't need loads of loose change weighing me down.🙄 I'd boycott any business not taking a card!
 
I think sometimes we forget that cash is the legal tender as described in our laws and therefore businesses cannot refuse payment in cash. It is a federal (and Royal) requirement. That is one of the advantages of having the Royal Family as our heads of state.
From my days selling motor cars, I remember that we often used to accept cash payments from buyers who were coming in from long distances. They often appeared with limited English and were from specific professions which I will not describe for obvious reasons. They would search the stock and decide what they wanted, some of our cars were often around the $50,000.00 mark (used cars that is) and once they decided it was right they would sit down at my desk and pull out of their jackets or shorts or bags rolls and rolls of cash. When I asked them to complete a "significant cash transaction" form (required for amounts over $10,000.00) at the time, they would turn in some very odd facial colours and expressions. So I think that the government is obviously aware of this and they are trying to find a way to control the tax aspect of these transactions.
This is what the ACCC say about that....
Cash
Businesses can choose which payment types they accept. It is legal for a business to specify the terms and conditions that they will supply goods and services. This includes whether they will accept cash payment. However, consumers must be made aware of these terms and conditions before they make a purchase.

Businesses should be clear and upfront about the types of payments they accept, and the total minimum price payable for their goods and services.
 
I'm a cash person myself. I only use a card in emergencies. Already the days when one could make a cash donation to a charity are gone.I will not use a card for this as I got caught years ago by one of the religious charities
 
THAT IS EXACTLY THE REASON, WE END UP DOING THEIR WORK FOR THEM AND THEY CHARGE US FOR DOING IT. MY ELECTRICITY COMPANY IS INSTALLING A NEW SMART METER FOR FREE, BUT THE BILLS ARE GOING TO BE MONTHLY INSTEAD OF QUARTERLY, SO THE FEES WILL NOW BE 12 INSTEAD OF 4 A YEAR. SNEAKY BASTARDS. HOW MANY PEOPLE MISSED THAT LITTLE INCREASE?
You should be able to opt out of the smart meter. Our company sent a text to say they were going to install one, but to let them know if we didn't want it, so we said no thanks.
 
You should be able to opt out of the smart meter. Our company sent a text to say they were going to install one, but to let them know if we didn't want it, so we said no thanks.
You can ,but they keep trying.iwrote to them to have it in writing, each time they try ,I refer them back to the correspondence.
 
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You can ,but they keep trying.iwrote to them to have it in writing, each time they try ,I refer them back to the correspondence.
Have to admit that I had to tell them twice, but it was by text message. They gave up after the second when I texted them 'Opt out, AGAIN".
 

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