The Australian Coalition has introduced the “Cash is King” Bill, aiming to expand the use of cash payments in retail transactions by requiring major retailers to accept cash for a broader range of goods and services. The proposed legislation intends to remove current restrictions on cash payments, including lifting the existing $500 transaction limit and eliminating time-of-day limitations.

Under current regulations established by the Albanese government, which came into effect on January 1, most retailers must accept cash for in-person transactions up to $500 between 7 a.m. and 9 p.m. However, the Coalition contends that these rules exclude essential goods such as medicine, clothing, and hardware supplies, effectively limiting consumers’ payment options.

Kevin Hogan, the opposition’s financial services spokesman, emphasized that the ability to pay by cash should apply to all categories of purchases. “If you can use cash to buy groceries, why can’t you use it to buy medicine, clothes or a meal?” he said. Hogan also stressed the importance of consumer choice in payment methods, warning against moving toward a cashless economy. He added, “If you walk into a shop with a $50 note, you shouldn’t be turned away. That shouldn’t be controversial.”

Proponents of the bill highlight that approximately 1.5 million Australians still prefer to use cash over digital payment methods. They argue that expanding legal protections for cash payments would ensure broader acceptance across retail sectors and support consumer autonomy.

The Albanese government’s cash mandate was designed to preserve access to cash payments while attempting to balance the growing use of electronic transactions. However, opponents argue that the current setup imposes limitations that disadvantage some consumers, particularly those who prefer or rely on cash payments for essential items.

The Coalition’s proposed bill seeks to address these concerns by broadening the scope of mandatory cash acceptance. It would require retailers to accept cash for higher-value transactions beyond the existing $500 cap and remove the designated hours during which cash must be accepted. Advocates argue these changes would enhance payment flexibility and prevent exclusion of individuals who face barriers to digital payments.

Critics of the government’s current approach caution that restrictions on cash payments can marginalize certain groups, including older Australians and those without access to digital banking. The Coalition’s initiative reflects ongoing debates around the balance between encouraging digital innovation and preserving traditional payment options in the Australian retail sector.