Proposed bill aims to fine businesses and individuals up to $25,000 for refusing cash payments
- Replies 170
In an era when tapping a card or phone has become the norm for transactions, the humble banknote could be making a comeback, and refusing it might cost businesses and individuals a hefty price tag.
A new legislative push by former Nationals MP Andrew Gee could see fines of up to $25,000 levied against those who turn away cash payments.
The proposed bill, Keeping Cash Transactions in Australia Act 2024, introduced by former Nationals Member of the Parliament (MP) Andrew Gee to the federal parliament, aims to safeguard the consumer's right to use cash, especially for transactions under $10,000.
While individuals could face fines of up to $5,000, businesses would face fines of up to $25,000 for refusing to accept cash.
The only time one could justifiably turn down cash is if it poses a 'security' threat.
Despite the digital shift in our spending habits, particularly accelerated by the COVID pandemic, cash is experiencing a resurgence.
The Reserve Bank of Australia's data indicated a 3.6 per cent increase in ATM cash withdrawals in February this year compared to the same month in 2023.
Andrew Gee's stance is clear: ‘I don’t think it is too late because many Australians, particularly senior Australians, who are the heaviest users of cash, still want the freedom to use it, and why shouldn’t they have that freedom?’
While the Private Member’s Bill can be a difficult bill to pass, Gee hoped for its possible legislation.
‘I think while…we have Australians out there who have concerns about using card and online banking, then we should give them the option of cash, and I don’t think it’s too much to ask,’ he said.
The bill, supported by Independent MPs Bob Katter and Dai Le, recognises the diverse needs of communities.
‘It’s vital for our community in western Sydney, and in particular culturally and linguistically diverse communities because a lot of them do not trust the banking system,’ Le said.
The Senate's inquiry into rural banking services also highlighted the need for 'reasonable access to cash and financial services' across the nation.
But it's not just about convenience or preference. As journalist Suzanne Mostyn pointed out on Sunrise, going cashless isn't an option for everyone.
‘There are people in rural areas, and they’re not all oldies, who are shovelling cash under the mattress, but there are people who genuinely don’t want to be tracked,’ Mostyn said.
‘Women who are fleeing domestic violence situations, who want anonymity as to where they’re going and where they’re being sheltered.’
‘There is a lot more to this than meets the eye.’
The push for this bill comes as banks like Macquarie Bank are moving towards a cashless model, citing changes in customer banking habits.
Have you encountered businesses that refuse cash? Do you prefer cash transactions for certain purchases? Share your thoughts and experiences in the comments below.
A new legislative push by former Nationals MP Andrew Gee could see fines of up to $25,000 levied against those who turn away cash payments.
The proposed bill, Keeping Cash Transactions in Australia Act 2024, introduced by former Nationals Member of the Parliament (MP) Andrew Gee to the federal parliament, aims to safeguard the consumer's right to use cash, especially for transactions under $10,000.
While individuals could face fines of up to $5,000, businesses would face fines of up to $25,000 for refusing to accept cash.
The only time one could justifiably turn down cash is if it poses a 'security' threat.
MP Andrew Gee proposed a bill where businesses and individuals could face a fine of up to $25,000 for refusing cash transactions. Credit: Shutterstock
Despite the digital shift in our spending habits, particularly accelerated by the COVID pandemic, cash is experiencing a resurgence.
The Reserve Bank of Australia's data indicated a 3.6 per cent increase in ATM cash withdrawals in February this year compared to the same month in 2023.
Andrew Gee's stance is clear: ‘I don’t think it is too late because many Australians, particularly senior Australians, who are the heaviest users of cash, still want the freedom to use it, and why shouldn’t they have that freedom?’
While the Private Member’s Bill can be a difficult bill to pass, Gee hoped for its possible legislation.
‘I think while…we have Australians out there who have concerns about using card and online banking, then we should give them the option of cash, and I don’t think it’s too much to ask,’ he said.
The bill, supported by Independent MPs Bob Katter and Dai Le, recognises the diverse needs of communities.
‘It’s vital for our community in western Sydney, and in particular culturally and linguistically diverse communities because a lot of them do not trust the banking system,’ Le said.
The Senate's inquiry into rural banking services also highlighted the need for 'reasonable access to cash and financial services' across the nation.
But it's not just about convenience or preference. As journalist Suzanne Mostyn pointed out on Sunrise, going cashless isn't an option for everyone.
‘There are people in rural areas, and they’re not all oldies, who are shovelling cash under the mattress, but there are people who genuinely don’t want to be tracked,’ Mostyn said.
‘Women who are fleeing domestic violence situations, who want anonymity as to where they’re going and where they’re being sheltered.’
‘There is a lot more to this than meets the eye.’
The push for this bill comes as banks like Macquarie Bank are moving towards a cashless model, citing changes in customer banking habits.
Last edited:
.png){kind=icon}
