Change is on the horizon, and the government is preparing to introduce a new law that could significantly impact you. But before any decisions are made, they want to hear from people who care the most about the issue.
If you’re passionate about shaping the future, now is your chance to make your voice heard and impact the major shake-up this proposed law could make.
The government is on the cusp of introducing legislation that could redefine the future of physical currency in the country, and the clock is ticking for those who want to have their say.
The proposed law, which aims to mandate the acceptance of cash for certain essential services, is a response to the rapidly evolving digital economy. As we move towards a predominantly cashless society, the government is considering the implications for those who either prefer cash or rely on it due to limited access to digital banking services.
The consultation process is currently open, but only for a limited time, with submissions due by 14 February. The outcome of this process will be a significant factor in shaping the final decision, which is expected to be announced later this year.
The government’s goal is to have the new law come into effect at the start of 2026.
The discussion paper released by the government has outlined potential sectors that could be classified as providing ‘essential services,’ including supermarkets, pharmacies, dentists, general practitioners, hardware stores, insurers, pet stores, vets, service stations, and mechanics.
On the other hand, businesses such as cafés, takeaways, bottle shops, and hairdressers might be exempt from this requirement.
The paper also raises the possibility of exceptions within the legislation, such as not requiring cash acceptance after 10pm for safety reasons, or for transactions exceeding a certain amount, drawing inspiration from international precedents.

Security concerns are a significant reason why some businesses have chosen to go cashless. Bryan Wareham, owner of The Heritage Bakery on the NSW south coast, shared with Yahoo Finance the risks associated with carrying large sums of money, which influenced his decision to stop accepting cash.
‘We would have somewhere in our possession possibly considerable amounts of money… and if I’m the owner of the business walking to my car and I get whacked over the head with a spade by someone who thinks I’ve got the money in my pocket… no, I don’t want that,’ Wareham explained.
Despite the trend towards digital payments, the Reserve Bank of Australia’s 2022 Consumer Payments Survey found that 13 per cent of transactions were still made using cash. Furthermore, additional RBA data revealed that 94 per cent of Australian businesses continue to accept cash.
This highlights the ongoing relevance of cash in the economy, particularly for the 1.5 million Australians who depend on it for the majority of their purchases.
Treasurer Jim Chalmers has emphasised the importance of defining essential goods and services, determining which businesses should be subject to the mandate, and considering additional features such as transaction caps or time limits.
These considerations are crucial to ensure that the law supports both consumers and businesses, especially small businesses.
‘The Government expects [the] industry to play a crucial role in supporting this initiative, ensuring that the shift towards digital payments does not disadvantage those who must rely on cash payment,’ he said, adding, ‘This is in everyone’s best interest.’

How to submit your input on the new cash law
For those who wish to contribute to the shaping of this legislation, submissions can be made digitally, which is the preferred method, or by post.
By mail:
[email protected]
By post:
Director, Retail Banking and Currency Unit
Banking and Credit Branch, The Treasury
Langston Crescent, PARKES ACT 2600
The government is seeking input on the sustainable distribution of cash and access to it, particularly for people in regional areas and those unable to use digital payments.
Whether you’re a business owner, a consumer who values cash, or someone concerned about the broader implications of a cashless society, your input could influence the outcome of this significant policy change.
As the digital tide continues to rise, the fate of cash hangs in the balance. Don’t let this opportunity slip through your fingers—weigh in on this major money change before it’s too late.
What are your thoughts on the proposed cash acceptance mandate? Share your stories and opinions with us, and let’s discuss the future of money in the country.
Also read: A new era of shopping: Is the future cashless and checkout-free?
Leave cash alone. If you go into a 2$ store and buy one item, it will cost you more using a card. It is STILL legal currency so leave it as is.
Trying to get rid of cash is a form of bullying people into using card only. Scaremongering will not make me change my mind. I volunteer in about 8 different community groups and alot will use cash either for their local markets, entries to shows or museum etc or small time communinty fund raising. It does not warrant these small community groups applying for eptos machines as the expenses out-way the profits. If we become a cashless society we are then going to lose these small community groups and communities will lose their connections to people that need these for social interactions and diversity. The cashless society is only feathering the banks for bigger profits it does not consider the average person living in a rural community. As far as having too much cash to go to the bank with then you provide a second person for security reasons makes sense. I would not like to be alone with alot of cash.
We really need to stand together but as usual we will be bullied into a cashless society and if they do how will they manage when the banks are down and there is security threats. You are just leaving it wide open for this to happen. Please be mindful and make smart decisions before profit margins.
Obviously the smart money is on keeping the use of cash for exchanges where the cost to the business of customers using cards outweighs the cost of the item/s purchased. In the past I have already experienced an instance where I was in the process of purchasing an expensive item with a card when the internet went down for about 24 hours. The business had to risk trusting that (a) the link would eventually be restored and (b) my expenditure would be covered or (c) cancel and lose the sale. Not all of us live in major cities. Nothing is infallible. Cash in the economy keeps circulating. Cards do not.
Agree with the above 3 comments.
Fight hard and use cash, otherwise we will lose it.
It is insidious the way that government and big businesses are trying to control more of the way we live.
The end game is CBDC, which means the government would have oversight of everything a person does financially. And potentially block transactions they don’t approve of.
I’ve been to the Heritage Bakery on the South Coast of NSW, and won’t ever go back now they’ve gone cashless! They can have 2 people going to the bank, and unless you advertise the fact that you’re doing so, who would know when you’re doing it? Not a good enough excuse! I’ve been there and done that in many of the workplaces I’ve worked at, and have never been in any situation that I may have been harmed.
Why should I have to pay extra fees to use my card, and then have to reconcile an 8-10 page bank statement monthly when at present, it’s 2-3 pages? My bank account has no fees on it, and it actually pays me a small amount of interest, but I don’t rely on that, as it’s usually less than 20c per month, but it’s something.
My opinion on this very ‘hot’ topic is that if you use card only, and you want to get a loan from the bank, or any other financial institution, they can ‘see’ everything you do on your account – from the local coffee shop to the larger retailers – everything is on display, and you can be knocked back by the financial institution because you use your card for everything. And, what happens if you need to purchase food and there’s nothing in the account to do so, as you’ve spent it all on the other non-essential purchases?
I use a combination of internet banking & cash. I pay my bills by internet banking, then withdraw the funds I need for the fortnight for my shopping & general spending. I use Excel to keep an eye on my budget and MYOB (I’m a retired bookkeeper) to keep an eye on my spending. Then I can see exactly what I’m spending & where, and if I ever need to adjust my spending, I can do so quite easily without any problems.
CASH IS KING!!!