Supermarket giants Coles and Woolworths, as well as petrol stations, are expected to be made compliant with the mandate. (Source: Getty) <\/p>\n
Today is the final day for Australians to make their voices heard<\/a> on the federal government’s upcoming cash mandate<\/a>. The second consultation period closes on Friday, November 7 and Labor will use these submissions to guide it on how the new law should work.<\/p>\n The law is meant to force businesses to always carry and accept cash<\/a>. However, the government recently revealed the mandate will only apply to supermarkets<\/a>, fuel stations, and very high-performing small businesses.<\/p>\n National Seniors Australia is concerned the law doesn’t go far enough, with CEO Chris Grice saying more industries needed to fall under the mandate’s umbrella.<\/p>\n “There is currently no obligation on retailers to accept cash<\/a>, we call on the government to enact a cash mandate that includes a greater number of businesses and government agencies to ensure that conditions for cash availability and accessibility are strengthened,\u201c he said.<\/p>\n \u201cKeeping cash accessible<\/a> and accepted is important to seniors, and the broader community, as a means of basic payment, a backup in emergencies, and for the stability of the broader financial system.”<\/p>\n Labor first revealed the policy last year<\/a> and said it wanted the law to be in place at the start of 2026.<\/p>\n Treasurer Jim Chalmers said this bill would particularly protect the 1.5 million people who use cash to make more than 80 per cent of their in-person payments.<\/p>\n A consultation period lasted from December to February, more than 4,000 people sent in submissions to reveal how they felt the law should work.<\/p>\n However, on October 17, the government explained how the mandate would work. In its current state, it will only apply to:<\/p>\n Petrol stations and supermarkets via mandatory industry codes of conduct<\/p>\n Small businesses with aggregate turnover of more than $10 million<\/p>\n And the mandate will be limited to in-person transactions of less than $500<\/p>\n “This will best meet consumer expectations to be able to pay for essential goods in cash, while minimising the costs and risks to businesses,” Assistant Treasurer Daniel Mulino said.<\/p>\n “This is a balanced, practical, and sensible step to support cash users and give consideration to businesses.”<\/p>\n Do you have a story? Email stew.perrie@yahooinc.com<\/p>\n Grice is one of many who fear that retailers will be given a green light to phase out cash because they’re not forced to carry it.<\/p>\n Story Continues <\/p>\n \u201cThe promised mandate is more restrictive than initially proposed with medications, utilities, telecommunications services, and other items no longer considered essential,” he said.<\/p>\n \u201cThe only retailers the mandate will apply to are supermarkets and petrol stations. This means consumers will be able to pay cash for a packet of Allen\u2019s Snakes at Coles but not for Panadeine Forte at their local pharmacy.<\/p>\n \u201cThis mandate is an opportunity for government to show it listens to the needs of everyday Australians. The watered-down version we\u2019ve been presented with is a start, but more is needed to ensure cash remains accessible and accepted throughout our country.\u201d<\/p>\n Independent Federal Member Andrew Gee thought the government’s draft cash mandate was a “dud” and feared it wouldn’t change anything.<\/p>\n He and Bob Katter tried to launch a bill last year that would fine businesses up to $25,000<\/a> if they didn’t accept cash, but the government then launched its own cash mandate.<\/p>\n Gee believes that only covering supermarkets and fuel stations meant the mandate would act as a “green light for phasing out of cash in Australia”.<\/p>\n \u201cWhy won\u2019t [Treasurer Jim Chalmers] support my private member\u2019s bill which would apply to all businesses and all face-to-face transactions of $10,000 or less and which would truly keep cash king in Australia?” he asked last week.<\/p>\n Cash advocate Jason Bryce wants to see the mandate cover GP clinics and other medical locations, as well as “all the big retailers”, and also utility and housing bills.<\/p>\n \u201cThis cash mandate is garbage. This cash mandate will herald the cashless society in Australia,” he told 2GB Radio.<\/p>\n \u201cIt doesn\u2019t apply to any small business…This is really saying any shop can reject cash.”<\/p>\n The Treasurer admitted that it’s important to strike the right balance between ensuring Aussies can use cash but also not place “unnecessary burdens” on small businesses, particularly one in the regions.<\/p>\n Submissions to the government’s cash mandate close this Friday, November 7.<\/p>\n The second consultation period was originally due to close at the end of October, but it’s been extended by another week to ensure people had enough time to make their voices heard.<\/p>\n There are multiple ways to make a submission.<\/p>\n You can do so via the government’s website, which you can find here<\/a>, but you have to submit it as a Word doc or a PDF.<\/p>\n Alternatively, you can submit your response to the following email address: CashAcceptanceConsultation@treasury.gov.au<\/a><\/p>\n If you’re more of a handwriter, you can mail your submission to the following:<\/p>\n Director Retail Banking and Currency Unit<\/p>\n Banking and Credit Branch<\/p>\n The Treasury<\/p>\n Langton Crescent<\/p>\n PARKES ACT 2600<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n MPs Andrew Gee and Bob Katter announce their plan to force Aussie businesses to accept and carry cash. (Source: AAP) <\/p>\n
Submissions for the government’s cash mandate will close on November 7. (Source: Getty) <\/p>\n