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.


shutterstock_1297608724.jpg
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.
 
Last edited:
Sponsored
First fine banks for not having enough outlets to let these businesses deposit their cash. I would not have a business this day and age. Too many people telling you how to run your business. Once you relied on customer’s voting with their feet. If you didn’t do what was popular you went bust
 
i use cash for most of my transactions once i use that i hold of as long as i can before i get more other wise you dont know were you are i think the old school way is the best regards neil.
 
Yes I absolutely agree with this. The push for cashless is so they can bring in the CBDC (Central Bank Digital currency). Which, if achieved, would put us further into slavery, as it is designed to be like the Chinese Credit Score system, and will be linked to the Digital ID (and, or microchip in the body). The govt, and the banks can cut you off from your money at any time. They would effectively control absolutely everything you spend your money on. It will also take away, the tooth fairy, donations to homeless on the streets, that $5 in your grandchildren's birthday card. Also the banks will get richer by the hour, as they reap in the bank fees on your spending.
 
  • Like
Reactions: casperdcat
I find a lot of Estate Agents will not accept cash in payment for rent. This puts a lot of people at a disadvantage as they do not have a credit card.
 
Hamilton Island doesn’t accept cash now. And there is a few businesses that give you a discount if you use cash. We came across a few in South Australia while we were travelling
Give us a choice don’t make that choice for us
 
Cash is the currency of this country cards are just the banks way of making extra money for themselves everywhere you use a card you are being charges extra fees. Cash is our right to have and use.
 
Every one, in this democratic country, has the right to choose which ever way they want to pay for things. Plus there's always the paper trail with cashless. Some people (battered women and kids etc) don't want anyone to know where they are. Fair enough, I say.
Keep the cash.
 
Join a FB group called Cash is King. Add your name to the petition.
All business should give you an option, but if they choose to be cashless then they are not supposed to add a surcharge it must be included in the price of goods.

I cannot for the life of me understand how the fee is charged as a percentage of the transaction amount. Banks need to prove why there is a difference in the cost for a coffee compared to a mower purchase. The processes are in place, no extra work needed for a large transaction, it's just BS.

banks like Macquarie Bank are moving towards a cashless model, citing changes in customer banking habits.
They are the ones forcing us to change habits
 
I always carry cash as you never know when the system will go down and I don't like the fee's. I also like to give to charity and my grandchildren love it when I give them some cash for their birthdays. Plus it's easier to track your spending. If it's legal tender than it should not be refused by anyone. All the shops that refuse cash at this stage also refuse my business by my choice as I just find another shop with a similar product that accepts cash payments.
 
Great idea..CASH IS KING.. hopefully big conglomerate like KFC will be one of the first huge business that will be FINED as customers can only use card to pay
 
When a spare parts business refused to sell a $150 item for cash, s stranger paid with his Visa in exchange for cash. We still need to retain ability to pay cash.
I have always wanted to be the payer on my credit card, my points would increase so quickly! Sounds like a good business deal.
 
We have the right to use cash, and not be charged money also. I personally prefer cash, cards are not safe. I have had mine hacked whilst shopping years ago and am very wary of it happening again. How can the banks and businesses be able to tell us what to do. Banks have closed down in a lot of areas and teller machines have been taken away also. Leaving us no choice but to use cards. It is totally wrong!! Bring back Eftpos machines at least in shopping centers allowing those that want to use cash can do so!
 
  • Like
Reactions: Pommyoz
I was called very short when at Hammersmith coach station only had credit card or a 50p coin to enter The toilets! I had neither, only arriving that day, hence no small change and only a travel card. Thanks goodness for a Good Samaritan who watched over my luggage as I squeezed in the out gate to do my business!
 
YES, Cash is KING. Should always be able to pay with cash as it is LEGAL TENDER and always should be. Tell the cashless mob to bugger off.
 
Totally agree why can’t you pay cash free all there is a charge to use a card but then the less cash you carry maybe better it’s a personal Choice it’s a lot easy and less expensive for a business to do cash but risky having cash about a card is more secure or is it
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else

Latest Articles

  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×