11 February 2025
The Federal Government is considering new legislation to mandate cash acceptance for essential goods and services. The move aims to ensure that consumers who rely on cash—such as the elderly, those in rural areas, and individuals without digital banking access—can continue to participate in the economy.
The mandate is expected to apply to businesses that:
- Supply essential goods and services (e.g., supermarkets, pharmacies, petrol stations, utilities, healthcare providers)
- Offer in-person payment
- Are not classified as small businesses (defined as having an annual turnover below $10 million)
The government is currently undertaking a consultation process to consider how to roll-out the mandate. As part of this, they are seeking feedback on:
- Whether businesses should only be required to accept cash for transactions below a certain dollar limit (e.g., $500)
- Whether the mandate should apply only during specific hours (e.g., 6 AM–10 PM)
- How enforcement should be handled (e.g., penalties for non-compliance)
There is still quite a bit of water to go under the bridge and no immediate action is required. However, businesses providing essential goods and services should monitor the progress of this matter to ensure that they are able to take steps to ensure compliance at the appropriate time.
In the meantime, we will keep readers updated as this measure makes its way through the legislative process.