Canberra, Nov 18 (IANS) Australian businesses will be forced to accept cash as payment for essential goods and services under a government mandate.
Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones on Monday announced that, from 2026, businesses will be legally required to accept cash and coins when selling essential goods, including groceries and fuel.
“People are increasingly using digital payment methods, but there is an ongoing place for cash in our society,” they said in a joint statement.
“Mandating cash for essential purchases, such as groceries and fuel, means those who rely on cash will not be left behind. For many Australians, cash is more than a payment; it’s a lifeline.”
The use of cash in Australia fell during the COVID-19 pandemic. Data from the central bank, the Reserve Bank of Australia (RBA), showed that cash accounted for 13 per cent of all consumer payments in 2022, down from over 20 per cent in 2019, reports Xinhua news agency.
According to the government, 94 per cent of Australian businesses still accept cash, and 1.5 million Australians use cash for more than 80 per cent of their purchases.
Under current law, businesses are not required to accept cash but, if they do not, must offer an alternative payment method with no fees for the customer.
Chalmers and Jones said that the Treasury would undertake consultations to determine what will qualify as essential goods and services and which businesses will be forced to accept cash, with some small businesses to be exempt from the mandate.
Final details of the mandate will be announced in 2025, but the government said that it expects it to apply to supermarkets, banks, pharmacies, and petrol stations, as well as providers of utilities and health services.
Chalmers and Jones also on Monday announced the government’s plan to phase out cheques as legal tender. Under the plan, cheques will stop being issued by June 2028 and stop being accepted by September 2029.
–IANS
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