Newsroom

February 17, 2025

Member for Kennedy Bob Katter this week proposed a submission to Treasury regarding mandating cash acceptance to ensure cash remains a universally and legally accepted means of payment throughout Australia.

“The most reliable method of payment is cash and we will fight for its survival so we have submitted our argument to the federal treasury demanding protection for cash to be legal tender and accepted without question.”

Having consulted with his electorate and further afield, Mr Katter has identified several key issues including limited digital connectivity in regional and remote areas, disaster resilience, economic sovereignty, consumer choice and the vulnerability of some segments of our communities in using technology.

“The banks and big business are trying to bully us into doing business their way but we will fight them at every turn to make sure they are being fair and providing the services we need, when we need it,” Mr Katter said.

“We need to force banks to better protect people from scams. The best way to do this is to mandate that the banks reimburse people when they have been tricked out of their money and the banks have allowed these transactions to occur.

“Digital transactions make it easier for scammers. Banks must step up and offer reimbursements - not step back and strip us of our ability to protect ourselves by using cash,” continued Mr Katter.

“Additionally, during natural disasters, some towns in the Kennedy electorate can be without power for weeks; this can mean limited or no mobile phone coverage, internet services, or EFTPOS, so cash is needed to do basic transactions when food and other goods become available.

“When digital banking systems fail, physical cash remains the only reliable means of transaction. Without proper planning to ensure the continuity of cash distribution networks, businesses struggle to operate, aid efforts are hampered, and vulnerable populations are left without access to basic necessities.”

The submission posed four recommendations:

1. Legislate mandatory cash acceptance,
2. Protect and expand ATM and banking infrastructure in regional Australia,
3. Enhance cash resilience planning in emergencies and against scams, and
4. Support public awareness campaigns.

“Cash is a pillar of financial independence, community resilience, and economic fairness, particularly in rural and regional Australia,” Mr Katter said.

“The Federal Government must act decisively to enshrine the right to use cash and mandate its acceptance across the economy. We call on the government to take immediate action to protect Australians’ right to choose how they pay and ensure that no one is excluded from the economy due to the imposition of a cashless agenda.”