Australians will soon say goodbye to cheques as the federal government has introduced plans to abolish the paper-based payment system by 2030.
On June 7, the Australian government announced that it would completely phase out cheque usage no later than 2030 as part of a strategic plan to modernise the country’s payment system.
The government also said it would stop using cheques and move to new forms of payment by the end of 2028.
Speaking at an Australian Banking Association conference, Treasurer Jim Chalmers said the nation’s current regulation framework fell behind developments in the financial system.
“Our policies and regulations predate the development of mobile payments,” he said….