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https://www.theguardian.com/australia-news/2023/jun/07/death-of-the-cheque-by-2030-as-australia-embraces-digital-payment-reforms>
"The treasurer, Jim Chalmers, has signed the cheque’s death warrant to end its
use in Australia by 2030, as part of a range of payment reforms for the digital
era.
In a speech to be delivered to the Australian Banking Association in Sydney on
Wednesday, Chalmers will say there has been a 90% decline in the use of cheques
over the past 10 years alone but it remains a legacy payment method, while
other economies have transitioned to digital payments.
Chalmers will say that 98% of personal cheques and 100% of those used in
institutional and commercial settings could be serviced through internet or
mobile banking, and that using cheques is a more costly way of doing business.
The government will now begin the process of winding down the use of cheques
across the banking system, with federal departments to use other payment
methods by 2028. A goal has been set to end the use of cheques completely in
2030.
“This transition will be gradual, coordinated and inclusive,” Chalmers will
say. There will be public consultation on the transition, including with the
states and territories, before the end of this year.
The decision comes as part of the government’s strategic plan for Australia’s
payments system, released on Wednesday, which will set out a roadmap to
modernise the country’s payment infrastructure and set it up for the future."
Cheers,
*** Xanni ***
