As Federal Parliament returned this week, Federal Member for Casey Aaron Violi MP raised the issue of regional bank branch closures and advocated for every Australian to have the option to use cash when paying for goods and services.
“In our community, we have seen firsthand that during storms and weather events, cash becomes a crucial form of payment as technology and power goes down,” Mr Violi said.
“But cash only works when you can withdraw it and when businesses can bank it.
“Concerningly, we have seen regional bank closures here in our community. These closures may have halted due to the current moratorium on regional bank closures, but that moratorium comes to an end on 31 July 2027.
“The Albanese Labor Government has no plan for what comes after the moratorium ends in less than a year. They can’t claim to be protecting the cash system while the places Australians can get cash continue to disappear,” Mr Violi said.
Mr Violi said that any Australian who wants to use cash should be able to do so.
“Labor’s Cash Payment Mandate is another headline that lacks substance. When you look at the detail, it only applies to supermarkets and fuel, for a total of $500, between the hours of 7am-9pm. Too bad if you want to pay with cash at 9.05pm, and it doesn’t extend to pharmacies which makes it difficult for elderly Australians at the pharmacy who hoped to pay with cash.
Mr Violi told the Parliament that while he stands there as the Shadow Minister for the Digital Economy and Cyber Security, the conversation should not about making a choice between digital and physical payments.
“I also stand here as the Shadow Minister for the Digital Economy and Cyber Security, so I spend a lot of time looking at technological opportunities, our digital infrastructure and cyber resilience.
“Digital allows us to move payments instantly and I will always be a strong advocate for those benefits, but I want to be really clear, growing the digital economy is not at the expense of the cash economy.
“It is not about having a choice between a digital payment and cash payment, it is about making sure we give that choice to the consumer.
“We need to make sure banks are available to those that want to use them.
“It is about making sure that a digital economy works for all Australians and a cash economy works for all Australians, and that ultimately it is the consumer that has the choice on the payment method they want to use as they interact with businesses in their community.
Mr Violi said regional bank closures are an ongoing issue that he will continue to monitor and advocate on for our region.
ENDS
