Choosing to pay with cash is a fundamental right for all Australians, say independent MPs pushing for the preservation of banknotes and coins.
Businesses could face hefty fines of up to $25,000 if they refuse cash payments under new legislation introduced to federal parliament on Monday.
Independent MP Andrew Gee says many Australians fear cash is being phased out deliberately.Credit: Getty (altered, composite image)
Despite a Reserve Bank of Australia survey finding the decline of cash use was accelerating, former Nationals MP Andrew Gee told Radio 6PR’s Gary Adshead today Australians wanted the right to choose cash when paying in person.
“I’ve had overwhelming support on this, not only from my own area – which is the central west of NSW – but right around the country,” Gee said.
“Many Australians are concerned that cash transactions are being phased out deliberately, and this bill fills a real void in the law that [says] businesses don’t have to accept payment by cash if they give you notice before the transaction takes place.”
Between 2019 and 2022 the share of in-person transactions made with cash halved from 32 per cent to 16 per cent.
In his address to parliament, Gee also called merchant fees charged by financial institutions and passed on to customers an “insidious tax” that cost Australians $1 billion a year, effectively penalising customers for using cards over cash.
Unaware of the possible coming changes in legislation, Mary Street Bakery owner Paul Aron recently decided to transition all seven of his popular Perth-based artisan cafes back to accepting cash, after there was backlash on their cashless system.
“During COVID we thought we’d take the opportunity to stop using cash when people didn’t want to,” he said.
