STORY: Australian businesses selling essential goods, services to be forced to accept cash
SHOOTING TIME: Nov. 18, 2024
DATELINE: Nov. 19, 2024
LENGTH: 00:01:09
LOCATION: Canberra
CATEGORY: ECONOMY

SHOTLIST:
1. various of Australian banknotes
2. various of supermarkets

STORYLINE:

Australian businesses will, under a new government mandate, be forced to accept cash as payment for essential goods and services.

Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones announced on Monday that, from 2026, businesses will be legally required to accept cash when selling essential goods such as groceries and fuel.

"People are increasingly using digital payment methods, but there is an ongoing place for cash in our society," the two officials said in a joint statement.

"Mandating cash for essential purchases, such as groceries and fuel, means those who rely on cash will not be left behind. For many Australians, cash is more than a payment, it's a lifeline."

The use of cash in Australia became less prevalent during the COVID-19 pandemic. Reserve Bank of Australia (RBA) data show that cash accounted for 13 percent of all consumer payments in 2022, down from over 20 percent in 2019.

According to the government, 94 percent of Australian businesses still accept cash and 1.5 million Australians use cash for more than 80 percent of their purchases.

Under current law, businesses are not required to accept cash. If they do not, they must offer an alternative payment method with no fees for the customer.

Chalmers and Jones said that the Treasury will undertake consultations to determine what will qualify as essential goods and services and which businesses will be forced to accept cash, with some small businesses to be exempt from the mandate.

Final details will be announced in 2025, but the government said that it expects the mandate to apply to supermarkets, banks, pharmacies, petrol stations, utility companies, and health service providers.

Chalmers and Jones also announced on Monday a government plan to phase out cheques as legal tender. Under the plan, cheques will stop being issued by June 2028 and stop being accepted by September 2029.

Xinhua News Agency correspondents reporting from Canberra.
(XHTV)