In a striking shift within the financial landscape, a recent Reserve Bank survey reveals that cash transactions have dramatically declined from around 70 percent in 2007 to a mere 13 percent by 2022. This trend underscores the growing momentum towards a predominantly cashless society.
Forecasting this change, financial analyst Zhong has confidently suggested that a cashless economy could fully materialize as early as 2030, marking a significant transformation in how Australians conduct their transactions.
Despite this digital shift, there is a protective measure in place for those who still rely on cash for essential needs. A new cash mandate has been introduced, ensuring that grocery and fuel retailers must continue to accept cash for these crucial purchases.
This mandate requires businesses to accept cash for transactions of $500 or less, provided they are conducted in person. However, this obligation is limited to the hours between 7 am and 9 pm, ensuring convenience for both consumers and retailers.
However Retailers only have to accept cash payments for in-person purchases of $500 and less.
The transaction must also made between the hours of 7am and 9pm.
Chalmers said the mandate will run for three years, at which point the government will review it to ensure it is functioning as intended.
