Pharmacy Daily | Proposed mandate to keep cash going

THE Federal Government is moving to ensure Australians can continue to use cash for essential items, including groceries, fuel and medicines.

Under the proposed mandate, pharmacies are among the businesses that must accept cash when selling essential goods, as are petrol stations and supermarkets.

Up to 94% of businesses are currently continuing to accept cash, while around 1.5 million Australians use currency for more than 80% of their in-person purchases.

Cash provides an important back up in emergency situations, such as natural disasters, and is used by many older Australians and people who live in regional areas.

A joint statement from Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones announced that Treasury will commence consultation before the end of 2024 to determine the types of businesses to be covered by the mandate.

"People are increasingly using digital payment methods, but there is an ongoing place for cash in our society...[a mandate] means those who rely on cash will not be left behind," they said.

Also on the table is a phase-out of cheques commencing in 2028, with them no longer being accepted from late 2029, stated the Treasury.