June 4th 2024.
The push to slow down Australia's rapid shift towards a cashless society has prompted a proposal that includes substantial fines for businesses that reject or do not carry physical money. In recent years, the use of cash has significantly decreased due to the rise in popularity of digital payments. However, three independent federal MPs, Andrew Gee, Bob Katter, and Dai Le, are determined to prevent notes and coins from becoming obsolete.
This week, they presented the Keeping Cash Transactions in Australia Bill 2024 to parliament, stating that this legislation is crucial in preserving the availability and acceptance of cash payments throughout the country. According to the MPs, many Australians living in regional areas, especially older individuals, face difficulties accessing online payments or navigating the process. Gee expressed concern for his constituents in Calare and the rest of Australia, who fear that cash transactions will soon disappear.
Surprisingly, although banknotes and coins are recognized as legal tender, there is currently no legal requirement for businesses to accept them as a form of payment in Australia. In other words, even if you have Australian banknotes on hand, a business can refuse to accept them, leaving you without the option to complete a purchase in cash. Gee emphasized the need for this bill by stating that it is all up to the business's discretion. If a business decides not to accept cash, there is no obligation for them to do so.
The proposed bill states that companies offering goods and services in "face-to-face settings" must offer and accept cash payments up to $10,000. If this bill becomes law, the maximum civil penalties for individuals and companies that do not comply would be $5000 and $25,000, respectively. However, the bill also includes essential exemptions.
Katter, a Member for Kennedy, believes that retaining physical money is crucial as it allows people to have a choice in how they make payments. He argues that removing cash would take away people's freedom and choices and is fundamentally unfair. With cash, individuals have control over how they spend and save their money. However, if we switch to a cashless system, we would relinquish this control to a select few CEOs who run the banks. Katter points out that these individuals earn millions of dollars and can make decisions about our money with just the click of a button.
Katter's stance on the issue was further solidified when earlier this year, he was denied the use of his $50 note at a cafe in Parliament House. The Australian Competition and Consumer Commission states that businesses can choose which payment methods they accept as long as they inform customers of the terms before purchase. This bill aims to protect the rights of individuals who prefer to use cash as a form of payment and ensure that they are not unfairly limited in their options.
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