In an age where digital transactions are becoming the norm, the humble banknote and jingling coins in our pockets might seem like relics of a bygone era. However, for a significant portion of the Australian population, particularly those over 50, cash remains not just a preference but a necessity.
A recent survey conducted by CHOICE involving nearly 13,000 individuals has revealed a staggering consensus: 97% of Australians believe it’s crucial that businesses, especially those selling essential goods and services, are required by law to accept cash payments. This overwhelming response underscores the importance of cash as a payment option despite the growing trend towards a cashless society.
The survey’s findings are a stark reminder that while technology advances, not everyone is on board or able to keep pace. In fact, over the past year, more than eight out of ten respondents reported using cash to pay for goods or services. This statistic is a clear indication that cash is still king for many, and its disappearance could have dire consequences.
The issue is particularly acute in regional areas, where residents are already feeling the pinch from increased fees to access their own money. With banks and ATMs closing down in these communities, the impact is not just financial but also social, as cash transactions often facilitate personal interactions that are vital for the well-being of many, especially seniors.
The government has been urged to step in and secure the future of cash. In December, it sought public input on whether to mandate cash acceptance for essential items. CHOICE’s submission to this consultation called for action to ensure that all Australians have reasonable and free access to cash, which may involve improving its availability in certain areas.
Tom Abourizk, CHOICE’s head of policy, emphasised that ‘The supply of cash and the ability to use it should not be dependent on the profitability of its supply and use.’ He argues that the government must ensure that cash remains a reliable option for everyone, regardless of where they live.
The decline in cash has disproportionate impacts on various groups, including First Nations communities, seniors, those recovering from natural disasters, and individuals escaping domestic violence. These groups often rely on cash for their daily transactions and could be left vulnerable if it becomes inaccessible.
Rowena Parkes, who works in aged care, highlighted the potential isolation that could result from a cashless society. For many of her clients, using cash is integral to their independence and social interaction. The simple act of buying a coffee or a newspaper with cash can provide meaningful engagement with their community.
The government’s role in determining the future of cash is pivotal, according to Abourizk. He insists that businesses should not be the ones dictating the rules regarding fees and surcharges for cash use and access. Without free access to cash, obligations to accept it are meaningless.
As we reflect on the importance of cash in our daily lives and the potential consequences of a cashless society, it’s clear that the issue goes beyond convenience—it’s about accessibility, independence, and connection for many Australians.
How crucial is cash to you in your everyday transactions? Have you encountered challenges accessing cash in your community? Join the conversation in the comments below and share how you think a move towards a cashless society might impact you.
Also read: A new way to pay: Mastercard’s innovative cashless payment solution
Haven’t used cash in years now, probably at least 10 years.
There’s no sign of businesses selling “essential goods and services” not accepting cash, only small retailers like cafes, so should not inconvenience many people at all.
YES. Cash is legal tender and all transactions should be able to be done in cash, regardless of size.
I use cash only for my food and general spending. I withdraw it on my pension day, and only use it during the fortnight. Any ‘spare’ cash is put into my money jar and saved for a ‘rainy day’, and when it gets to a certain amount, it goes into one of my bank accounts. I’ve never used a card for either of these expenses, and as far as I’m concerned, never will.
I use internet banking to pay my bills, etc, but other than that, it’s cash only.
All businesses should be made to accept cash. I want to buy a cold drink, so I dive into the local shop grab a can for $3 but it costs me extra because they don’t accept cash. Stupid idea. Cash is legal tender so all should accept cash.
It’s a two edge sword. People need to realize having cash opens up more opportunities for thugs to steal the cash from premises and/or injure employees. Remember someone has to take it to a night safe at the bank where they can become victims of a robbery.
People who pay with cash should also have to cover the costs involved with those businesses using cash, if they also charge people using cards the costs involved with those. It has to be fair for all.
all costs of running a business should already be built into their product pricing not an added extra fee for this and that, apart from public holiday surcharges.
Forcing people to only pay by card, then charging for that “service” is unfair if the option to pay cash is not provided.
Totally agree. Even card charges should be built unto the pricing and not an add on
I agree with that too. There should be NO fees at all.
But there definitely shouldn’t be fee for cards only, as providing cash as a payment alternative costs businesses money.
All these people pushing for no cash have no consideration for groups like the Salvos and any other organisation that have the coin drop in cans and blind associations coin drop dogs or any volunteer groups that depend on the odd coin/paper note help it will mean these sorts of groups will have to have efpos machines and get charged for the transactions .
I use cash as much as possible and avoid card only money gouging establishments.
I don’t want governments, banks, financial institutions and others knowing my personal financial transactions. My financial privacy is my business is no ine else’s.
And before some thinks, if you’ve nothing to hide BS, get a life
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then someone needs to straighten the government out, I believe Immigration and the passport offices no longer accept cash, probably a lot of other govt departments also…..