Proposed bill aims to fine businesses and individuals up to $25,000 for refusing cash payments

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.


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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.
Key Takeaways

  • Former Nationals MP Andrew Gee has introduced to parliament the Keeping Cash Transactions in Australia Act 2024, which proposes fines for businesses and individuals that refuse cash transactions below $10,000.
  • Under the bill, individuals could be fined up to $5,000 and businesses up to $25,000, with an exemption only for security reasons.
  • The use of cash in Australia has increased, with more Australians, especially senior citizens, wanting the freedom to use it.
  • Independent MPs, including Bob Katter and Dai Le, are supporting the bill, highlighting its importance for rural and culturally diverse communities that may distrust the banking system.
Have you encountered businesses that refuse cash? Do you prefer cash transactions for certain purchases? Share your thoughts and experiences in the comments below.
 
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Good news. I went into a shop recently to buy lunch - 'sorry, our machine is down'. Good thing I had cash with me. Lots of folk walking back out the door empty handed. The business would have lost quite a few sales that day!
 
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The fine should be bigger. No company big or small can not should not refuse cash for a servicer they provide!!!!!!!!!!!!!!!
 
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I have friends who deal a lot in cash , and have on occasion walked away from a transaction because of the business refusing to take cash. BWS in some places is notorious for this,they have a sing at the register stating CARD ONLY NO CASH KEPT ON THE PREMISES .
 
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It is a must that people have the choice to use cash. My husband prefers to use cash and he is only in his mid 60s, he is not interested in learning modern ways, and to me that is fine l use card and cash. Everyone to their own. What breaks might heart is listening to my 87 year old friend who is dreadfully distressed about the chance of cash going. She is terrified to the point where she says l will just ask God to take me. I don't want cards l don't want to learn new ways at my age. Also people fleeing domestic violence. Sometimes I think the powers that be just come up with new ideas without taking into account the affect their ideas can have on some people.
Kind regards to all Vicki
 
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I'm all for the fining Businesses who do not accept cash! Where is the 'choice'? We should all have the 'choice'! I am all for 'cash', the Government want cashless, because they can keep track of what we do with our money and the same goes for Businesses too, our money is ours and we should be able to do with it, what we want!
Keep up the good work Andrew Gee and keep pushing this Bill through Parliament!!
 
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I don't want my every transaction tracked by the government and when I spend outside of "their guidelines" ( read CONTROL ) because they will shut down my spending on whatever I want to. After all, it's my money Ralph. Yes cards have a place in society, but so to does cash, regardless of whatever stories the government spins to us. This digital currency is so out of touch with what happens now and it smacks of government CONTROL. Please stand up to this nonsense and Bovine excrement before it is too late.
 
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Its nothing to do with Cashless its about Digital ID, Gov wants track everything we do, and can stop you buying what you want. Yes Banks want to rip us off with fees.
 
I don't want my every transaction tracked by the government and when I spend outside of "their guidelines" ( read CONTROL ) because they will shut down my spending on whatever I want to. After all, it's my money Ralph. Yes cards have a place in society, but so to does cash, regardless of whatever stories the government spins to us. This digital currency is so out of touch with what happens now and it smacks of government CONTROL. Please stand up to this nonsense and Bovine excrement before it is too late.
 
My wife and I sell our goods at local and outback markets. Stallholders need to take cash because often there is no Internet or phone service and card readers just won't work. Without cash, those markets in outback areas will die. Quite a few of those markets support local schools and other services such as the SES.
 
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Absolutely agree100% . also think places that charge credit card fees if they don't take cash shouldn't be allowed. I'm very suprise a Polly has suggested it as the ACCC and government are business mouth pieces.
 
Exactly but people are complacent, look at Convid. If not on Cash is King please join groups on Facebook
 
Exactly but people are complacent, look at Convid. If not on Cash is King please join groups on Facebook
 
It is to easy to spend money when using a card. ... money has little value when it can't be physically seen.
Also I am tired of supporting banks when they don't support me. Branches closing, can't cash in coins, lousy savings account interest. Interesting though it is very hard to get a credit card when you are retired.
 
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I would definitely vote for the passage of this bill! In the current climate of scams being perpetrated with online transactions, and during emergencies involving power failure, people need the freedom to choose cash if they should prefer it.
Emwick
 
I totally agree with this. Do not forget our Constitution has cash as our official currency.

If we allow banks to force us into using cards only, we are then giving them the right to tell us how, when, where and on what we can use our own money.
 

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