The Coalition will introduce a Bill expanding protections for Australians who prefer using cash, warning current protections implemented by Labor do not go far enough.
The Albanese government’s cash mandate, which kicked in from January 1, requires most retailers to take cash for in‑person transactions of up to $500 from 7am and 9pm.
But the opposition argues the rules “leave out essential goods”, such as medicine, clothing and hardware supplies.
The Cash is King Bill would force major retailers to take cash, lift the transaction limit from $2000 and scrap the 7am-9pm restrictions.
It would also require commonwealth agencies to follow the same rules and offer carve outs for small businesses facing “genuine safety risks”.
“If you walk into a shop with a fifty-dollar note, you shouldn’t be turned away. That shouldn’t be controversial,” opposition financial services spokesman Kevin Hogan said.
“If you can use cash to buy groceries, why can’t you use it to buy medicine, clothes or a meal?”
His electorate encompasses NSW’s Northern Rivers region, where devastating floods have in recent years cut power to swathes of the area, taking digital payment methods down.
“When the floods hit the Northern Rivers, cash was the only thing that worked,” Mr Hogan said.
“That’s exactly why it needs to be protected.”
He also called it the “ultimate check on payment fees”.
“Australians should be able to choose how they pay, without being forced into a cashless economy,” he said.
“Cash is king, and under the Coalition we won’t see it overthrown.”
Cash as a payment method has dropped off a cliff over the past decade.
But roughly 1.5 million Australians still prefer using cash to digital payments and some in remote parts of the vast continent it is the only viable option.