Australia on Brink of Digital Currency Only: Fears Grow as Cash Mandate Sparks Debate Over Future of Notes and Coins
- The Albanese government’s cash mandate has sparked fears that Australia is moving closer to a digital currency-only society
- Cash advocate Jason Bryce claims the regulations will “green-light the cashless society” and leave vulnerable Australians behind
- Businesses and experts are divided over the issue, with some arguing that cash is still crucial for many Australians, while others see a digital future as inevitable
Australia’s cash mandate has ignited a fierce debate over the future of notes and coins, with some fearing that the country is on the brink of a digital currency-only society. The Albanese government’s draft regulations, which aim to ensure that certain businesses accept cash, have been met with both support and criticism from experts and advocates.
Jason Bryce, a journalist and cash advocate, is among those who believe that the regulations will ultimately lead to a cashless society. “The current proposal leaves out medicine, leaves out housing, utility bills. It should apply to all the big retailers,” he said. “The regulations they’re calling a cash mandate are literally going to green-light the cashless society in Australia.”
Bryce’s concerns are shared by some businesses, including Mitta Mitta Brewing Company, which relies on cash transactions during power outages. “For those sorts of situations, it’s important to have the option,” said venue manager Jen Cabelka.
However, others argue that a digital future is inevitable and that the cash mandate is a necessary step towards supporting vulnerable Australians. “I think the mandate legislation is kind of savvy politics but it’s not going to deal with the economic reality that we will be a cashless society at some point,” said Richard Holden, Scientia Professor of Economics at University of NSW.
The Reserve Bank governor, Michele Bullock, has also weighed in on the issue, stating that “the decline in the use of cash for transactions has put the cash distribution system under pressure”. However, she believes that there will still be a place for cash in Australian society.
As the debate rages on, one thing is clear: the future of cash in Australia is uncertain. With the cash mandate set to be reviewed after three years, only time will tell if the country will indeed become a digital currency-only society.
In the meantime, Australians can only wait and see how the regulations will play out. As Bryce so eloquently put it, “Everybody needs cash at some stage, whether it’s Facebook Marketplace purchases or someone trying to escape a domestic violence situation. There’s a million legitimate reasons why everybody at some stage will need cash.”