<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Could Australia become entirely </span><a href="https://www.9news.com.au/cashless-society" rel="" target="" title="cashless"><span>cashless</span></a><span> in the coming years? Some experts are predicting notes and coins may be unusable in a few years time. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A recent Reserve Bank survey shows consumer payments made in cash have fallen from about 70 per cent in 2007 to just 13 per cent in 2022.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The nation's declining use of cash was accelerated by the </span><a href="https://www.9news.com.au/coronavirus" rel="" target="" title="COVID-19"><span>COVID-19</span></a><span> pandemic when shoppers and retail workers were reluctant to handle potentially infected notes.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/subscription-traps-face-government-crackdown/538e2c69-4ccc-45c0-af56-25fc74e760b2"><strong><span>Crackdown on sign-up 'traps' costing Aussies money and time</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/new-childcare-rules-three-day-guarantee-begins-what-you-need-to-know/df2525fb-fb5c-4768-b2be-c41db8c9523f" rel="" target="" title="Major childcare change to lighten costs for parents from today"><strong><span>Major childcare change to lighten costs for parents from today</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Cash advocates have been angry about the declining number of bank branches and ATMs, while many </span><a href="https://www.9news.com.au/national/australians-to-pay-cash-only-in-protest-of-cashless-society/6a214001-a4df-49fb-8e14-19848260a753" rel="" target="" title="Australians have protested the move with cash out days"><span>Australians have protested the move with cash out days</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Some finance experts believe </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australia"><span>Australia</span></a><span> is on track to become a cashless society within five years. </span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/finance-news-could-australias-declining-use-of-cash-lead-to-a-cashless-economy/12cdbc89-612e-44fd-96a6-2715ff46e603" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>RMIT University finance expert Angel Zhong previously told The Conversation the use of cash or even swiping a card was a rare event.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The shift towards a cashless society in Australia isn't just a possibility, it's already well underway," Zhong said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The blend of technological advancements, changing consumer preferences and regulatory adaptations has set the stage for this transformation.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The new regulations will help Australians navigate this transition more confidently."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/cheques-to-be-phased-out-in-australia/ce810fdb-2378-4db4-8840-b7364275fd37"><strong><span>Cash your cheques in now before it's too late</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/atm-closures-australia-2024-25-apra-data/7a5617be-1c91-4825-9ff4-842a7e55e945"><strong><span>Hundreds of closures cutting off Aussies' access to cash</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Standing by her forecast that a cashless society is well underway, Zhong estimates the change could come as soon as 2030.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But Australians using cash for essential purposes will be protected under a new a cash mandate for grocery and fuel retailers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasurer Jim Chalmers said</span><a href="https://www.9news.com.au/national/cash-mandate-australia-what-is-it--explained/26e04d51-c6fd-4e47-8ade-4a802a97bbc0" rel="" target="" title=" the mandate would ensure Australians who depend on cash for fuel and groceries &quot;aren't left behind&quot;"><span>the mandate would ensure Australians who depend on cash for fuel and groceries "aren't left behind"</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the new cash mandate, businesses that sell fuel and groceries must accept cash payments for these essential purchases.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The mandate will mostly apply to retailers like </span><a href="https://www.9news.com.au/retail" rel="" target="" title="supermarkets"><span>supermarkets</span></a><span> and service stations.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However Retailers only have to accept cash payments for in-person purchases of $500 and less.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The transaction must also made between the hours of 7am and 9pm.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/retail" rel="" target="" title="Retailers"><span>Retailers</span></a><span> can refuse cash for purchases made outside those hours, or for transactions of more than $500.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Chalmers said the mandate will run for three years, at which point the government will review it to ensure it is functioning as intended.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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