The Cashless Society is DEAD and BURIED

Cash acceptance will be mandated in Australia for essentials by 2026.

Banks will pay a levy to support regional branches.

Details to be hammered out over 2025.

Treasurer Jim Chalmers has announced new plans to require all businesses in Australia selling food, fuel, medicine and health care supplies to accept cash for payment.

"There is an ongoing place for cash in our society ... " said Jim Chalmers.

The government has also told banks to keep regional bank branches open or they will pay a levy.

The government has clearly heard the voice of consumers and retailers, through our petition calling for mandated acceptance and access and from retailers complaining about merchant fees at their points of sale.

"This is exactly what we have been asking for," said Jason Bryce, spokesperson for the Cash Welcome campaign.

"Australians will always be able to access cash and use cash to buy the food, medicine and fuel we need to live."

"The cashless society is dead in Australia, rest in peace.

"There will be more cash in circulation in the future, not less, because of mandated acceptance, and teh huge market signal this sends - Australia will never 'go cashless.'"

"These laws will come into effect until 2026, so there is plenty of discussions to be had about the exact shape of mandated cash acceptance.

"I urge all Australians to get engaged in this debate, this is important for our children, our communities and the future of the way we pay, save and budget into the future," said Jason Bryce.

The Australian Prudential Regulatory Authority and the Australian Payments Network reported Australia lost 926 ATMs in total over the last financial year and 8,326 in the last seven years. Banks have removed 217 bank-owned ATMs in the last 12 months and a staggering 8,338 bank-owned ATMs in seven years. 

Australia has lost 230 bank branches in the last financial year and 2,334 in the last seven years. Outside of the major cities, banks closed 52 branches last financial year and 847 over the last seven years.

Australia lost 63 Bank@Post agencies (Australia Post outlets offering banking and cash services) in the last year and 150 over the last seven years.

Demand for cash continues to rise Over the last seven years, the total value of Australian banknotes circulating in the community has risen 37 per cent from $73.5 billion to $100.8 billion at end of June 2024. Recent data from YouGov Profiles reports 43 per cent of Australians like to use cash, including 52 per cent of millennials. The total number of ATM cash withdrawals made in Australia jumped up by 767,600 (2.7%) to 29,438,600 in August 2024 from 28,671,000 in July, (seasonally adjusted) reported the Reserve Bank of Australia. For the last two years there have been about one million ATM withdrawals made in Australia each day.

Cash Welcome is a campaign to protect our right to choose how we pay, backed by donations from consumers, business and the cash industry. I have a petition that has attracted over 190,000 signatures:

Cash Welcome is calling for:

1) Banks to guarantee local access to cash and publish a plan for how their customers will access cash if they are closing a branch or ATM.

2) Retailers guarantee we can use cash to buy food, medicine and fuel.

3) Large retailers ensure no less than 40% of checkout terminals accept cash.

4) Large retailers lift restrictions on EFTPOS cash out up to $500 with no purchase or fee.

Key Facts:

Mandated cash acceptance has been announced by the treasurer Jim Chalmers.

About us:

Jason Bryce
0428 777 727
jason@cashwelcome.org

Contact details:

Jason Bryce

Cash Welcome

Backed by donations from the public, business and industry.

0428 777 727