Criticism against bank fees for withdrawals and the move towards a cashless society.

According to independent MP Andrew Gee, despite the government's efforts to encourage cashless transactions, older Australians and those living in rural areas are still being left out in the cold. Gee, who has been a vocal supporter of the Cash is King movement, believes that the decline of cash in Australia is a disgrace.

In an interview with 9news.com.au, Gee expressed his concern over the growing trend of cashless venues and digital transactions, stating that it is disproportionately affecting the most vulnerable people in the country. He pointed out that not everyone is able to use online banking services, especially senior Australians who may find managing accounts and cards online to be stressful and confusing.

Gee also highlighted the importance of cash in rural areas where access to banking services and reliable internet may be limited. Despite cash still being legal tender, there is no guarantee that it will be accepted as payment. This, according to Gee, is unacceptable and a disgrace.

He also raised concerns about the move towards 100 per cent online banking, citing the recent announcement by Commonwealth Bank to charge a $3 fee for staff-assisted withdrawals. Gee believes that if stronger cash mandates are not enforced by the government, fees like this may become more common.

In June, Gee introduced the Keeping Cash Transactions in Australia Bill 2024 to parliament, which would require businesses to accept cash if the transaction does not exceed $10,000. He believes that this would not only protect the rights of Australians to use cash but also prevent them from being charged hefty surcharges for using other forms of payment.

Financial services minister Stephen Jones also criticized the newly introduced bank fees, calling them a "tax on Australians". He urged institutions to rethink their decision and stated that the government is working to ensure that Australians can continue to use cash if they choose to do so.

In response to the concerns raised by Gee and Jones, the Albanese government has announced a cash mandate that will come into effect in 2026. Under this mandate, businesses will be required to accept cash for essential items, such as groceries and fuel. This is to ensure that those who rely on cash, especially during natural disasters or digital outages, will still be able to make purchases.

While major businesses like supermarkets, banks, and healthcare services will fall under this mandate, smaller businesses may be exempt, depending on their size and proximity to population centres. The government has also stated that it will continue to phase out cheques, but will ensure that essential items can still be purchased using cash.

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