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Seniors chalk up a win with cash payments to stay
Federal Treasurer Jim Chalmers (pictured) announced an important victory for seniors this week, with businesses selling essential products such as fuel and groceries legally required to accept cash under the Government’s proposed new payment rules.
Although cash payments are falling, with Reserve Bank data showing that just 13 per cent of payments used cash in 2022, down from about 70 per cent in 2007 (ATM withdrawals are also down 60 per cent over the same period), cash will remain an integral part of the payments system for the foreseeable future.
About 1.5 million consumers now use cash for 80 per cent of their in-person spending, with recent data showing nearly 95 per cent of businesses continue to accept cash, despite the fact there is no legal requirement for them to do so.
Chalmers explained that despite the increasing use of mobile and card payments, the Government wanted to protect cash users, many of whom were seniors, by requiring businesses to accept cash for essential items.
He said Treasury would begin consultations before the end of the year on which businesses and services should be covered, with the rules expected to take effect from January 2026.
“Mandating cash for essential purchases, such as groceries, pharmaceuticals, healthcare products and fuel, means those who rely on cash will not be left behind. It also provides an easily accessible back-up to digital payments in times of natural disaster or digital outage.
“I think there are a lot of Australians, whether they be in the regions, maybe older Australians and others, who like the security of being able to use cash and that’s why we want to make cash an ongoing feature of the economy on our watch. A lot of people either want to or must use cash and we want to make sure that option is available to them when it comes to essential items.”
Cheques, however, will cease being accepted for payment after September 30, 2029.
National Seniors Australia (NSA), which has spearheaded a six-month campaign to keep cash in the payments system, has welcomed the Government’s proposed mandate for businesses to accept cash for essential items to support those who need to and prefer using it.
Chris Grice, NSA chief executive officer, said while NSA acknowledged the move to greater use of digital would continue, it was important to consider the needs of those relying on cash.
“As the Treasurer Jim Chalmers said, ‘there is an ongoing place for cash’. Similarly, NSA has always maintained digital payments should be in addition to not instead of cash payments. Not all seniors are comfortable using debit or credit cards, or banking online, because they’re not tech savvy, they’re fearful of potential scams and cash is what they’ve always known.
“Relying on digital transactions comes with risks. In emergency situations and during outages, when electronic systems crash, cash plays a vital role, offering security and stability – we saw this in July when the CrowdStrike IT outage caused chaos worldwide. We need to keep cash.”
He said the onus was now on the Government and the regulators to ensure there was a solid program that worked in the best interest of older Australians to make good on this mandate.
