LET’S KEEP CASH TRANSACTIONS IN AUSTRALIA
Today, Independent Federal Member for Calare, Andrew Gee, and Member for Kennedy Bob Katter introduced the Keeping Cash Transactions in Australia Bill 2024.
It’s the second Private Member’s Bill that Mr Gee has introduced to Parliament.
Mr Gee said the Bill aims to preserve the use of cash in our national economy.
“Many people, across both my electorate of Calare and around our great country, hold concerns and fears that the use of cash for transactions in Australia is being phased out and will soon disappear,” said Mr Gee.
“Shockingly, while the law provides that banknotes and coins are legal tender, there is currently no legal requirement for banknotes or coins to be accepted for transactions in Australia.
“In other words, carrying Australian banknotes is no guarantee that you will be able complete a purchase in cash — it’s all at the discretion of the business. If a business gives you notice that it won’t accept cash it won’t have to.
“While the use of cash for transactions in Australia has been declining, Australians should get to choose how they will pay for what they purchase — not financial institutions or businesses.
“Not everyone is able to use online banking services. Many people, including senior Australians, find managing accounts and cards online to be stressful and confusing.
“Cash is often used in rural areas by people who do not have ready access to banking services or reliable internet access. Likewise, cash transactions are unaffected by digital failures. Cash is vital during outages or disasters.
“Not to mention that using cards often means facing additional fees and surcharges, giving up your privacy, and dealing with the risk of fraud.
“The Keeping Cash Transactions in Australia Bill would legislate that businesses operating in face-to-face settings must offer to accept and, crucially, must accept cash payments for transactions that do not exceed $10,000.
“Australians should have a choice as to how to spend their hard-earned dollars,” Mr Gee said.
Mr Gee called on all Members of the House of Representatives to vote in favour of the Bill.
“The Keeping Cash Transactions in Australia Bill is all about freedom — the freedom for Australians to choose how they will pay for transactions.
“It's about preserving the essence of choice in our financial transactions — not having that choice made for us by financial institutions or businesses.
“I urge all members of this house to support this game changing Bill.
“Together, let’s keep cash transactions in Australia!” said Mr Gee.
Katter's Australian Party MP for Kennedy Bob Katter said he strongly supported Mr Gee's motion to keep cash transactions alive, ultimately, keeping freedom of choice alive as well.
"Taking away cash, and thereby taking away the choices and freedoms of the people, is fundamentally unfair," Mr Katter said.
"With cash, we control it; we control how we spend it and save it.
"If we go cashless, we relinquish our control to a handful of CEOs who run the banks. These individuals, who earn millions of dollars, can make decisions about our money with the mere click of a button.
"This centralization of power is a direct threat to our individual freedoms. Imagine a scenario where you cannot buy a loaf of bread without the bank's permission. This is not a dystopian fantasy; it is a very real possibility if we allow cash to disappear.
"There is another critical aspect to consider: accessibility. Not everyone has access to digital banking - elderly citizens, those in remote areas, and individuals without the means or skills to navigate digital platforms rely heavily on cash.
"Removing cash from the equation marginalizes these groups and exacerbates social inequality,” said Mr Katter.
The Bill provides for maximum civil penalties of $5000 for individuals and $25,000 for companies. It should be noted that they are civil penalties as opposed to criminal penalties.
The Bill also provides some important and practical exemptions.
ENDS