The Coalition has pledged to give Australians a legal right to pay with cash, unveiling a new bill that would force major retailers, restaurants, pharmacies and government agencies to accept notes and coins.
asserted
that → pledge → notes
The proposal comes as the federal government moves to protect Australia's cash network through its recently passed Cash Distribution Framework Act in August, legislation aimed at keeping cash available across the country.
asserted
government → come → country
It was introduced after concerns about the future of Australia's cash transport industry, which has come under pressure as more people switch to digital payments.
asserted
people → introduce → payments
Banks, retailers and ATM operators rely on cash transport and processing companies to move money around the country, as declining cash use places the industry under financial strain.
asserted
use → rely → strain
Last year, cash transport giant Armaguard required a $100million rescue package from major banks and retailers to keep operating.
asserted
Armaguard → require → banks
In response, Labor passed the Cash Distribution Framework Act, which gives authorities new powers to oversee Australia's cash distribution network and ensure essential services continue operating.
asserted
services → pass → network
The legislation allows the Reserve Bank to designate a major cash distribution provider and places it under a regulatory framework overseen by the Australian Competition and Consumer Commission.
asserted
Bank → allow → Commission
Kevin Hogan (pictured) said Labor's cash reforms introduced in August didn't go far enough
But
asserted
reforms → picture → August
Shadow Financial Services Minister Kevin Hogan said Labor's reforms do not go far enough so Australians can actually use cash when they want to make a purchase.
asserted
they → say → purchase
'Many Australians believe that because cash is legal tender it must be accepted everywhere,' he said.
'
asserted
he → believe → ?
The reality is that businesses can still refuse cash in many situations.'
asserted
businesses → refuse → situations
The Coalition's proposed Cash is King Bill would require major businesses to accept cash payments for purchases up to $2,000.
asserted
Bill → propose → purchases
The policy would apply to large retailers including department stores, pharmacies, hardware chains, restaurants and fast-food outlets.
asserted
policy → apply → stores
Commonwealth government agencies would also be required to accept cash for eligible over-the-counter payments.
asserted
agencies → require → payments
Small businesses with annual turnover below $10million would be exempt, along with businesses facing genuine security concerns.
asserted
businesses → face → concerns
The Coalition estimates the changes would cover more than 80 per cent of face-to-face retail transactions across Australia.
asserted
changes → estimate → Australia
The bill would force major retailers , pharmacies and government agencies to accept cash (file)
Mr Hogan said the proposal would protect Australians who still rely heavily on cash.
asserted
who → force → cash
'Around 1.5 million Australians rely on cash for most of what they buy.
asserted
they → rely → what
But Labor's rules leave out essential goods like medicines, clothing and hardware supplies,' he said.
asserted
he → leave → medicines
'If you walk into a shop with a fifty-dollar note, you shouldn't be turned away.
asserted
you → walk → note
He argued consumers should be free to use cash for everyday purchases.
asserted
consumers → argue → purchases
'If you can use cash to buy groceries, why can't you use it to buy medicine, clothes or a meal?' Hogan said.
asserted
Hogan → use → medicine
The Opposition has also framed the policy as protection during natural disasters and major outages, when electronic payment systems can fail.
asserted
systems → frame → disasters
'In my own community, I've seen what happens when the system goes down.
asserted
system → see → community
When the floods hit the Northern Rivers, cash was the only thing that worked.
asserted
that → hit → Rivers
That's exactly why it needs to be protected,' Mr Hogan said.
asserted
Hogan → need → ?
'Australians should be able to choose how they pay, without being forced into a cashless economy.
asserted
they → choose → economy
'Cash is king, and under the Coalition we won't see it overthrown.'
asserted
it → see → Coalition
The Aporia
