The Albanese Government is today releasing exposure draft regulations to make sure those people who rely on cash can still use it for essential purchases.
These regulations will help ensure Australians won't be left behind for grocery and fuel purchases as many businesses move to cashless payment.
We are also including appropriate exemptions for small businesses which find it harder to deal with cash.
We recognise that Australians are increasingly using digital payment methods, but there will be an ongoing place for cash in our society under the Albanese Government.
These draft regulations are informed by public consultation earlier this year.
They will:
- prescribe cash acceptance for fuel and grocery retailers via mandatory industry codes of conduct;
- limit the mandate to in‑person transactions of $500 or less; and
- exempt small businesses with aggregate turnover of under $10 million, or, if the business is part of a franchise arrangement - the franchise arrangement's turnover is under $10 million.
The mandate will apply to fuel and grocery retailers as this will best meet consumer expectations to be able to pay for essential goods in cash, while minimising the costs and risks to businesses.
This is a balanced, practical, and sensible step to support cash users and give consideration to businesses.
