Australian Coalition proposes Cash is King Bill

The Australian Coalition has unveiled the ‘Cash is King Bill’, a legislative proposal aimed at expanding protections for citizens who prefer using cash for transactions. The opposition argues that current Labor government mandates, which require certain retailers to accept cash for in-person transactions up to $500 between 7am and 9pm, are insufficient because they exclude essential goods such as medicine, clothing, and hardware.

The proposed bill seeks to lift the transaction limit from $500 to $2,000 and remove existing time restrictions. It would mandate that major retailers—including chemists, department stores, hardware stores, and fast-food chains—accept cash. Additionally, the bill would require Commonwealth agencies to follow these rules for eligible over-the-counter payments.

To mitigate the costs of handling physical currency, the Coalition plans to exempt most small businesses with an annual turnover below $10 million. According to Shadow Assistant Treasurer Kevin Hogan, the mandate would cover approximately 80% of face-to-face retail transactions while only applying to roughly 3% of businesses. Hogan noted that cash remains a vital tool during emergencies, such as floods, when digital payment infrastructure may fail.