Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I want to acknowledge the efforts of the member for Calare in in this regard and to thank him for the discussion that we had last time parliament sat about some of these important issues.

We as a government do recognise that many Australians prefer to use cash and that there have also been substantial shifts in consumer demand over time, in how people access cash and how they use banking services. When I released the changes we are proposing to the payment system, I went out of my way to ensure that people knew that we believe that there is a future for cash in our economy. Even as, over a long period of time, cheques will phase out and all the rest of it, the Prime Minister and I have acknowledged that there is a role for cash in our economy. I know this is especially a concern in regional communities, like the one that the member for Calare represents, and also, in my experience, amongst older Australians who have become used to using cash over a long time.

Our focus in the last little while has been working with banks, private sector providers, supermarkets, Australia Post and others to make sure that we continue to keep cash circulating in our economy. The Prime Minister, the Assistant Treasurer and I—and others—have been engaged in this really important question. In that regard I want to acknowledge and welcome the announcement by the Australian Banking Association—the major banks, the retailers—that they have reached a 12-month agreement with Armaguard for a financial contribution to its cash-in-transit business. This is a good outcome. It is a good thing for Australia while we work out some of these important structural issues in the market. I know that that agreement is subject to approval by the ACCC, but on the face of it I want to take the opportunity to welcome it.

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