Supermarkets and petrol stations will be forced to accept cash payments from January 1. The Australian government’s new cash mandate will come into effect in the new year, but some groups have argued the changes don’t go far enough.
Treasurer Jim Chalmers confirmed it would be mandatory for fuel and grocery retailers to accept cash as payment for the essential goods from next year. The mandate will apply to in-person transactions of $500 or less between 7am and 9pm.
Small businesses with an annual turnover under $10 million will be exempt from the mandate, except if they share a trademark with a bigger retailer.
“This will help to ensure Australians can continue to pay with cash for essentials if they want to,” Chalmers said.
“It will ensure Australians who depend on cash for fuel and groceries aren’t left behind.”
Labor first revealed the policy last year and had a consultation period from December to February, where more than 4,000 people sent in submissions over the new law.
Extracted in full from: https://au.finance.yahoo.com/news/major-cash-rule-change-for-woolworths-coles-and-servos-from-january-1-essential-030810156.html
