Future of cash in Australia may be functionally cashless by 2030

The federal government now requires fuel and grocery retailers to accept cash for in-person purchases up to $500 between 7am and 9pm, and an RMIT finance expert said Australia could be 'functionally cashless' by 2030.

Federal rules now require fuel and grocery retailers across Australia to accept cash for in-person transactions up to $500 between 7am and 9pm, effective January 1. Small businesses with annual turnover under $10 million are exempt. The change responds to concerns that some merchants refuse cash and that around 1.5 million Australians still rely on cash for most in-person payments. Experts and consumer groups have highlighted both practical benefits of digital payments and risks of exclusion for vulnerable groups. Key facts: - Treasurer Jim Chalmers mandated acceptance of cash for in-person fuel and grocery purchases of $500 or less between 7am and 9pm, effective Jan 1. - Small businesses with annual turnover below $10 million are exempt from the mandate. - The article reports about 1.5 million Australians rely on cash for more than 80% of their in-person transactions. - RMIT finance expert Dr Angel Zhong said Australia could be 'functionally cashless' by 2030, meaning over 90% of everyday transactions may be digital. - Cash use has fallen from about 70% of payments in 2007 to 13% in 2022, and the story notes significant declines in ATMs and bank branches; the government has also agreed with major banks to keep regional branches open until at least 2027. Summary: The mandate is intended to preserve cash access at key retailers while broader payment patterns continue to shift toward cards, mobile wallets and digital transfers. The rule took effect on January 1, and the government has a separate agreement with major banks to keep regional branches open until at least 2027. Undetermined at this time.