Those who heard Senator Michaelia Cash’s speech about One Nation’s decision to vote against Treasurer Jim Chalmers’ Competition and Consumer (Industry Codes-Cash Acceptance) Regulations 2025 might have been left with the impression that One Nation has abandoned cash.

Senator Cash said:

‘The obvious question that is before the Senate in relation to the disallowance motion is, “Why does One Nation want to ban cash?” Because that is exactly what this disallowance motion does.’

The Senator then implied that the reason Coles, Woolworths, and service stations are required to accept cash is because of this new regulation.

‘This is what this mandate does. That legal obligation exists because of the regulations that Senator Roberts and One Nation, for some very strange reason, now seek to disallow.’

I was astonished by this comment from the Senator.

Our reasons for wishing to disallow the Treasurer’s regulation are not bizarre at all. We have explained them clearly and repeatedly.

As has always been the case, our goal is to protect cash in the long-term – not allow its erosion through a thousand pieces of deceptively named regulation.

One Nation has been leading the national conversation on cash protection for decades, including against shameful attempts during the Morrison era to put limits on the size of cash transactions through their wildly unpopular Currency (Restrictions on the Use of Cash) Bill 2019. The Liberal Party sought to re-frame cash as the realm of crime, tax evasion, and the black market.

Then-Prime Minister Scott Morrison said:

‘This will be bad news for criminal gangs, terrorists, and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax. It’s not clever. It’s not okay. It’s a crime.’

He added: ‘Cash provides and easy, anonymous, and largely untraceable mechanism for conducting black economy activity.’

What an astonishingly bad-faith way to present cash transactions which have been the backbone of this nation. If the government wishes to crackdown on criminal activity, it could always try arresting criminals.

Public backlash forced the Liberals to stall the legislation in 2020, following which One Nation were successful in striking out the legislation.

This vocal opposition came from the same places it comes from today – rural and regional areas, community groups, churches, and even the Labor Party’s own ethnic branches. Meanwhile, the Liberals and Nationals never apologised for forcing Parliament to waste time stopping another unnecessary creep of a paranoid government.

As you can see, the Liberal Party are not friends of ‘cash’ … they never have been.

It is important to understand that the protection of cash as legal tender is something that has always been poorly defined and left to languish in significant legal grey areas as the banking system developed electronic currency.

Our Constitution requires the Commonwealth government to make cash available. The definition of ‘available’ is open to discussion and likely includes electronic transactions. Contrary to common assumption, banks are not required to make physical cash available.

Businesses are expected to accept cash, within reason, unless they put up a sign that explicitly states, ‘We do not accept cash.’ These signs are not common because customers, like myself, are often put-off by anti-cash sentiment.

Online businesses with no physical storefront cannot reasonably be forced to accept cash, nor would anyone ordering from their phone on TikTok expect them to. There are also market stalls or pop-up shops that lack the ability to handle cash safely. And then there are trading hours when it is deemed unsafe to handle cash.

To make things even murkier, a business is not required to take cash when doing so would place their staff at risk, which is fair, or where cash is not readily available. This is most common in rural areas where greedy banks have closed branches and removed ATMs.

The rise of the digital world has created an economic and political interest – particularly within the global banking sector – in discontinuing cash. This has prompted a public call for its explicit protection. In early June of 2024, Andrew Gee, Bob Katter, and Dai Le put forward the Private Member’s Bill Keeping Cash Transactions in Australia Bill 2024 to seek clarity on – and strengthen – the status of cash as legal tender.

This would have reinforced the legal obligation for all businesses, within reason and where appropriate, to accept cash up to $10,000 (but would not impose a ceiling). In clarifying the Reserve Bank Act (1959), it would then be possible to determine what the bones of the modern and future economy would look like before adding additional complexity through programmable currency and Bitcoin.

In other words … policy housekeeping.

Unfortunately, a proper debate on this important bill never took place, largely because Treasurer Jim Chalmers implied it would be addressed in Labor’s Competition and Consumer (Industry Codes-Cash Acceptance) Regulations 2025.

During the press conference that followed in November of 2024, Chalmers said:

‘Our objective when it comes to payments is to modernise our financial system … to make sure that there’s an ongoing role for cash … we’re making sure that people can pay cash for essentials if they want to and if they need to … what this means is that businesses selling essential items will have to accept cash with some appropriate carve-outs for small businesses and with a particular emphasis on regional areas.’

The Treasurer’s pinky-promise led to the Private Member’s Bill being dropped on good faith.

These regulations eventually manifested as a shadow of their former promise and, in my view, perfectly encapsulate the evil genius of the Uniparty anti-cash movement.

The Treasurer’s final regulation only provides that cash be protected as legal tender in supermarkets and petrol stations between 7am-9pm to a value of $500. That’s it.

For all other situations, the grey area of cash has been clarified – it is no longer protected.

What does this mean for cash throughout the rest of the economy? What about newsagencies? Public transport? Basic shopping? Parking? Pharmacies? Post-offices? Church collections? Buskers? Cultural celebrations? Greek weddings? The million other things that keep society moving…?

By proposing a mandate that only covers supermarkets and petrol stations, the Labor government did not protect cash. They issued an extermination order. The Uniparty are supporting an economy-wide restriction of cash. Remember, 23 per cent of adults do not have a credit or debit card, especially the elderly those challenged by technology.

One Nation predicts that as a consequence of these regulations, banks – who have already shown hostility to cash – will rush to stop accepting cash over the counter. The dwindling supply of ATMs will die out. And cash will drain out of our economy.

Concerned pharmacists came to see me last week to ask for pharmacies to be included, they were not – and yet still the Liberals support these government regulations. Are we going to see people turned away from buying medication because they don’t have a bank card?

An economic change of this significance should be put to the people, or opened to far more scrutiny than a regulation which is not subjected to the same Parliamentary rigour as an amendment.

To be clear, One Nation is not voting against protecting cash. That’s absurd.

We are voting against the specific regulation put forward by the Treasurer which we believe would confine cash protection to a small number of essential suppliers and leave the rest of the economic landscape open to a widespread loss of cash.

These regulations represent a broken promise to Andrew Gee, Bob Katter, Dai Le, and the Australian people.

We want to see banks held to their obligation to provide cash to Australians in a reasonable and easily accessible way. For the banks to be held to account when they attempt to cut regional communities off from ATMs and branches. We wish to see cash maintained as commonly accepted legal tender to ensure Australia has the flexibility to endure blackouts and digital malfunctions, and to take precautions that the banking sector is never in a position to hold money hostage. This is especially important in regional areas where the digital world struggles, and as we approach an increasingly dangerous geopolitical situation. We have seen conflict target energy grids and telecommunications. It would be insane to remove the protection of cash at this point in history.

Ultimately, what the banks want … what the corporate world wants … and what is best for the security of the Australian economy are not always the same thing and it is our duty as elected representatives of the people to act in their best interests.

Senator Cash has presented the option as a binary choice: support the Treasurer or condemn cash. I believe that to be a misrepresentation of the situation.

One Nation will not void the legal assumption that cash is protected by replacing it with a declaration that it is not. Let’s protect cash properly and permanently.

And, if we really are heading toward a fully digital world, and that march cannot be stopped because of cultural and ideological changes, then we absolutely must sit down and have a proper discussion about safeguarding citizens from the known dangers and exploitation made possible in a digital-only environment.

One Nation demands that this topic be taken seriously and soberly for the protection of Australia’s economic future.

Whether it is basic redundancy from energy and internet disruption, or protection against nefarious banking practices, cash is a vital safety net.

And it is obvious that the public wish to see it preserved.