Australia Dollar
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To stop cash from disappearing from the country, independent MPs have proposed a new measure that would force businesses in Australia to accept cash payments or face heavy fines.

The Keeping Cash Transactions in Australia bill was introduced by independent MPs Dai Le and Bob Katter, together with former Nationals MP Andrew Gee.

If enacted, it would be legal to use cash for transactions up to AU$10,000. Businesses that refuse to accept cash will be subject to fines of up to $25,000, while individuals could be fined $5,000 under this proposed law, according to Sky News.

Although coins and banknotes are legal money, Gee pointed out that companies are not currently required to take them.

"In other words, carrying Australian banknotes is no guarantee that you will be able to complete a purchase in cash — it's all at the discretion of the business. If a business gives you notice that it won't accept cash, it won't have to," the NSW-based MP said.

Bob Katter maintained that people may manage their money more independently when they use cash instead of computerized transactions. He emphasized that taking away monetary options would restrict people's liberties and choices.

"Taking away cash, and thereby taking away the choices and freedoms of the people, is fundamentally unfair," said the Queensland MP. "With cash, we control it; we control how we spend it and save it."

Additionally impacted by the decrease in cash usage are companies. Midway through 2023, Armaguard announced that their cash transportation business was becoming unsustainable through a merger with Prosegur. The move to digital payments highlights how crucial it is to keep up a robust monetary infrastructure.

The Australian Taxpayers Alliance (ATA), a grassroots advocacy group, strongly opposed the measure, calling it an "attack on economic freedom" that would only serve the interests of "multinational digital payments companies and the big banks."

"Despite efforts by the government and financial institutions to reduce the use of cash in Australia, it is still legal tender, and businesses should be required to accept it for transactions," ATA executive director Brian Marlow said in a Tuesday interview with SkyNews.