Coalition bill would require large businesses and agencies to accept cash
The Coalition has proposed a bill requiring large businesses and Commonwealth agencies to accept cash, arguing that existing protections preserve cash distribution but do not guarantee people can use notes and coins for everyday purchases. The proposal is intended to support Australians who depend on cash and provide a payment option during natural disasters or electronic outages.
The proposed Cash is King Bill would cover purchases up to $2,000 at major retailers, restaurants, pharmacies and other businesses, as well as eligible over-the-counter payments to Commonwealth agencies. Businesses with annual turnover below $10 million and those with genuine security concerns would be exempt; the Coalition says the measure would cover more than 80 per cent of face-to-face retail transactions. Around 1.5 million Australians rely on cash for most purchases, while the federal government’s Cash Distribution Framework Act, passed in August, oversees the cash supply network.
In short
- Coalition proposes requiring major businesses to accept cash.
- Purchases up to $2,000 would be covered.
- Small businesses and some security-sensitive businesses would be exempt.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Requiring large businesses and Commonwealth agencies to accept cash could protect people who rely on notes and coins, including those who cannot readily use digital payments. It would also offer a practical backup during disasters or electronic outages, while exemptions for smaller businesses and genuine security concerns would limit the burden.
The case against
A legal acceptance requirement could impose handling, security and administrative costs on large businesses, even where customer demand for cash is low. Exemptions may not cover every operational difficulty, and businesses could argue that payment methods should remain a commercial choice as transactions increasingly move online.
Explained simply
Cash is still used for everyday purchases by around 1.5 million Australians, even as many people pay electronically. It can also provide a way to pay when natural disasters or outages disrupt electronic systems.
The federal Cash Distribution Framework Act, passed in August, oversees the network that supplies notes and coins. It does not require shops or government agencies to accept cash, which is the gap the proposed bill addresses.
The proposal would cover purchases up to $2,000 at large retailers and other businesses, and some in-person payments to Commonwealth agencies. Smaller businesses and those with genuine security concerns would be exempt.
Read the full article at the source →
Originally published by Daily Mail as “New ‘Cash is King’ plan unveiled to protect the rights of millions of Aussies to pay with notes and coins”.