Cash must be welcome throughout our economy to ensure that everyone can participate.
Without cash, our privacy is at risk because all our transactions are recorded. Banks, lenders, insurers, search companies and others may ask for our transaction history or use our transaction information in ways we don’t understand.
With cash, everyone can budget easily, set limits and understand what’s going on, without fees and other parties in the transaction.
Small business owner Jenny Nguyen from Footscray has decided to go cash-only in her florist.
Australia must mandate cash transactions under $10,000
Reserve Bank of Australia data released on 7 September 2020 shows Australian consumers have rushed back to cash after an initial COVID-19 related scare campaign.
The essential role of cash in the economy is recognised in last week’s Reserve Bank of Australia Payment System Board update. However, unlike the RBNZ, the RBA does not propose concrete actions to protect the cash economy.
Media supporting cash