One Nation Launches Senate Bid to Overturn Albanese Government's Cash Acceptance Regulations
One Nation will move to scrap new cash rules introduced by the Albanese government, claiming the regulation is a 'back-door attempt' to eliminate the use of cash in Australia. The controversial rules, which came into force on January 1, require most large grocery and fuel retailers to take 'reasonable steps' to accept cash for in-person purchases of up to $500 between 7am and 9pm.
Exemptions and Loopholes Under Scrutiny
Small businesses with an annual turnover below $10 million are exempt from the regulations. Retailers can legally refuse cash payments outside the specified hours or for transactions exceeding the $500 cap. Additionally, businesses can apply to the Australian Competition and Consumer Commission (ACCC) for exemptions in certain circumstances, including events beyond their control such as natural disasters, or where compliance costs would threaten the ongoing viability of the business.
However, One Nation senator Malcolm Roberts warns that these rules are the opposite of a mandate and effectively allow most retailers to reject cash payments. He will launch a motion to overturn the regulation in the Senate today and is calling on the Greens to support him.
Criticism from Cash Advocacy Groups
Roberts argues that the rules fail to properly protect cash, with many businesses still able to turn away cash-paying customers without penalty. 'The reality of this regulation is that any business wanting to force you into an electronic transaction can do so without penalty,' he stated. 'The Treasurer did not even have the courage to introduce this measure as a bill to be debated in Parliament. This regulation is a cowardly, back-door attempt to eliminate the use of cash.'
Cash advocacy group Cash Welcome founder Jason Bryce also criticised the Albanese government's law, warning it contains significant loopholes and 'does not mandate cash'. 'Only large supermarkets and fuel retailers are covered by the new cash mandate. All other retailers are free to reject cash payments,' Bryce explained. 'Retailers need support and encouragement from banks and governments to support our legal tender, not more pressure to reject cash and adopt digital-only payments.'
Financial Implications and Political Strategy
Roberts emphasised that forcing Australians to use transaction cards will deliver a billion-dollar windfall to the Big Four banks through additional transaction fees, and billions more in value through the data harvested from the electronic system. 'Don't let them phase out cash,' he urged.
The bid to kill the cash rules is expected to fall short unless Roberts can pull off a surprise alliance with the Greens and crossbench senators. Bryce added, 'Australia needs a guarantee that we can continue to choose cash for our budgeting and spending.'
This political move highlights ongoing debates about financial inclusion, consumer choice, and the role of physical currency in an increasingly digital economy.
