Keeping Cash Transactions in Australia
Jun 25, 2024
A ‘Keeping Cash Transactions in Australia Bill’ has been introduced to parliament by three politicians who champion choice in payments and say legislation is ‘crucial in protecting the availability and acceptance of cash payments across the nation.’
9News reports the bill—launched in early June by independent federal MPs Andrew Gee, Bob Katter and Dai Le—would require any business offering goods and services in face-to-face settings to accept cash payments up to $10,000 (~US$6,650). Failure to comply would be punishable by civil penalties of up to $5,000 for individuals and $25,000 for businesses.
Many people… hold concerns and fears that the use of cash for transactions in Australia is being phased out and will soon disappear. Shockingly, while the law provides that banknotes and coins are legal tender, there is currently no legal requirement for banknotes or coins to be accepted for transactions in Australia… It's all at the discretion of the business.
Katter has been a vocal cash advocate since a café inside Parliament House refused to accept a $50 note from him. ‘Legal tender means you must accept it,’ he explained. ‘I fight the battle because otherwise all freedom is gone.’
Taking away cash, and thereby taking away the choices and freedoms of the people, is fundamentally unfair. With cash, we control it; we control how we spend it and save it. If we go cashless, we relinquish our control to a handful of CEOs who run the banks.
The Australian Taxpayers Alliance, a grassroots advocacy group, has spoken in favour of pro-cash legislation, saying reduced access to and usability of cash is ‘an attack on economic freedom’ that only serves the interests of ‘multinational digital payments companies and the big banks.
Despite efforts by the government and financial institutions to reduce the use of cash in Australia, it is still legal tender, and businesses should be required to accept it for transactions.
A timeline for the bill’s progress through parliament is currently unknown.