The Keep Cash story, from us to you

The Federal Government’s recent decision to mandate that businesses accept cash for essential purchases like food, fuel, and medicine has been a win for all Australians, particularly seniors, who want to preserve this way of payment.

National Seniors Australia (NSA) has been at the forefront of the movement to achieve this outcome, which will come into effect after a period of consultation.

NSA chief executive officer Chris Grice raised concerns early last year about the closure of bank branches and the phasing-out of cheques as a means of payment.

In July 2023, he told the media, including Channel 9’s Today, that many seniors feared losing access to cash as a way of paying bills and doing their shopping.

Through our own channels, including social media posts and the Connect newsletter, we have also addressed the closure of bank ATMs, forcing people who want to withdraw cash to use fee-charging privately owned machines.

Our concerns went global when an international celebrity included video of Chris on a TV news segment on his YouTube channel.

In February this year, Federal MP Bob Katter, who is co-chair of the Parliamentary Friends of Seniors, made headlines when a cafeteria at Parliament House refused cash payment for a sandwich.

As more and more Australians spoke up, NSA officially launched the Keep Cash (accessible and accepted) movement.

NSA printed “Keep Cash” stickers and distributed them to members and others who wanted them. We also made “We Accept Cash” stickers for businesses to display in shop windows and at point of sale.

Thank you, our branch members across the country who embraced the movement, and brought onboard local businesses who were happy to lend their support.

Many of you sent us photos, which we’ve included on our website to show that we support the businesses who support people who want to Keep Cash as a valid means of payment in addition to card and smartphone transactions.

“Keep Cash” T-shirts followed, and Chris and many of our members and other supporters featured in the extensive television, radio, and print media coverage of the issue.

The messaging was clear that there were many reasons people wanted to Keep Cash.

As Chris says, “Not all seniors are comfortable using debit or credit cards, or banking online, because they’re not tech savvy. They’re fearful of potential scams and cash is what they’ve always known.

“In emergency situations and during outages, when electronic systems crash, cash plays a vital role, offering security and stability. We need to Keep Cash.”

On Sunday, 17 November 2024, Treasurer Jim Chalmers announced that the Federal Government propose a mandate to require businesses to accept banknotes and coins as payment for groceries, fuel, and other essential items.

He noted that about 1.5 million Australians still use cash for more than 80% of in-person payments.

This is a big win for senior Australians and because you have supported the Keep Cash movement, the government has listened! Again, we thank you.

While we are delighted with the Treasurer’s announcement, we’re standing ready to help steer the mandate through the consultation period. Once it is introduced, we will also need to maintain vigilance to ensure it is being observed across the country.

Inevitably, of course, more and more people will use digital payments, and NSA has a part to play in supporting seniors who make the shift to online transactions.

The next priority is NSA’s Keep SAFE initiative, which aims to protect older Australians so they are more aware, confident, and resilient online by providing information and education.

The success of the Keep Cash movement is testament to people power.

NSA helped identify the problem and bring it into the public area, but this outcome would not have been achieved without you and other Australians making it clear to the government that you want cash to remain a part of the financial mix.

We wouldn’t be at this point without the support of you and the businesses who have proudly come forward to say they will accept cash.

Thank you, all.

We also thank you in advance for supporting the Keep SAFE movement as we continue to defend, protect, and promote the interests of older Australians.