The Federal Government has released draft regulations aimed at ensuring Australians can continue to use cash for essential purchases such as pet food and veterinary bills.
Under the proposed regulations, retailers will be required to accept cash for in-person transactions of $500 or less. Small businesses with an annual turnover under $10 million will be exempt, as will franchise businesses where the total franchise turnover is below $10 million.
Dr Daniel Mulino, Assistant Treasurer and Minister for Financial Services, said there will be an ongoing place for cash in our society under the Albanese Government.
“These regulations will help ensure Australians won’t be left behind for grocery and fuel purchases as many businesses move to cashless payment.
The changes follow public consultation earlier this year. Dr Mulino described the move as “a balanced, practical, and sensible step to support cash users and give consideration to businesses.”
The draft regulations will operate alongside existing services such as Post Billpay, which allows consumers to pay bills in cash at Australia Post outlets.
A review will take place after three years to assess how the mandate is working, including whether it should be expanded or adjusted.
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