Coalition proposes expanded protections for cash payments

Summarised from 2 outlets · Updated 25 Oct, 10:32 · Archive

Australia's Coalition opposition is introducing legislation to expand protections for cash payments beyond current Labour government rules.

Australia's Coalition opposition is introducing a Bill to expand protections for cash payments in response to what it says are inadequate protections under the Albanese government's existing cash mandate. The current rules, which took effect on 1 January, require most retailers to accept cash for in-person transactions of up to $500 between 7am and 9pm. The opposition argues these rules leave out essential goods such as medicine, clothing and hardware supplies.

The Coalition's Cash is King Bill would force major retailers to accept cash, lift the transaction limit to $2000, remove the 7am-9pm time restrictions, and require commonwealth agencies to follow the same rules. The Bill would also offer carve-outs for small businesses facing genuine safety risks. Opposition financial services spokesman Kevin Hogan said the measure would protect consumer choice and serve as 'the ultimate check on payment fees'.

Hogan highlighted the importance of cash in regions where digital payments have failed, citing the Northern Rivers in New South Wales, where recent devastating floods cut power to large areas. 'When the floods hit the Northern Rivers, cash was the only thing that worked,' he said. Around 1.5 million Australians still prefer using cash to digital payments, whilst some in remote parts of Australia have no viable alternative.

Coalition proposes expanded protections for cash payments — Image: The West Australian

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How it is being reported

‘Cash is king’: Coalition unveils Bill to ensure cash and coins can be usedThe Coalition is taking steps to “protect” cash, warning that the Albanese government’s cash mandate has failed to do the job.The West Australian · 25 Oct, 10:02
‘Cash is king’: Coalition unveils Bill to ensure cash and coins can be usedThe Coalition is taking steps to “protect” cash, warning that the Albanese government’s cash mandate has failed to do the job.Perth Now · 25 Oct, 10:02

In this story: Coalition · Albanese government · Kevin Hogan · Northern Rivers · New South Wales · Australia

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