Australian government announcements or banking industry reports

Australia Mandates Cash Payments for Essentials, Jim Chalmers and Stephen Jones Outline Plan for Millions of Aussies

Nov 17, 2024, 09:46 PM

The Australian federal government is implementing new regulations to ensure the future of cash payments amid increasing digital transactions. Under a plan proposed by Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones, businesses will be required to accept cash for essential items such as groceries and fuel. This initiative aims to protect consumers' ability to pay with cash, impacting millions of Australians. However, the government will phase out the use of cheques entirely within five years, with measures in place to ensure an orderly transition away from this payment method. Additionally, banks may face financial penalties if they fail to maintain sufficient rural and regional bank branches, further emphasizing the government's commitment to accessible banking services.