Some well-earned rest may be needed for payments industry executives and policy boffins over the holidays, before they face a very busy 2025.
The act of handing over hard-earned cash has long been associated with pain. And historically, research has also found that consumers tended to spend less using cash rather than a payment card.
From December 19, Services Australia will no longer accept foreign currency cheques or international money orders.
The Assistant Treasurer has lashed out at the Commonwealth Bank’s decision to charge some customers $3 for withdrawing cash at its branches and post offices or over the phone.
The Albanese Government this week announced it was taking action so Australians can continue to pay with cash for essential items if they want to, while also ensuring an orderly transition to phase out cheques.
Presented by Peter Drennan, Senior Business Analyst
