Treasurer Jim Chalmers has signed off on the end of cheques as a method of payment in Australia.
From 2030 cheques will be a thing of the past as the government looks to transform our money system for the digital era.
Chalmers told the Australian Banking Association in Sydney on Wednesday that there had been a 90% decline in the use of cheques over the past 10 years.
He said cheques were an outdated and costly way of doing business that could easily be replaced by internet or mobile banking.
The government would begin the process of winding down the use of cheques across the economy, with federal departments to use other payment methods by 2028.
He said the use of cheques would end completely by 2030.
“This transition will be gradual, coordinated and inclusive,” Chalmers said.
The treasurer also reaffirmed his commitment to Australia piloting a central bank digital currency.
“Our vision is to create a modern, world-class and efficient payments system that is safe, trusted, and accessible, and enables greater competition, innovation and productivity across the economy,” Chalmers said.
But he dismissed concerns that Australia would become a cashless society, promising the government was not trying to eliminate cash from the monetary system.