Australia is set to be a cheque-less society by the end of the decade, if the federal government has its way. From a report Treasurer Jim Chalmers announced on Wednesday morning that his government would be moving to phase out cheques by no later than 2030. “We know that usage of cheques has been declining,” he said. “This is largely because digital transactions are easier, cheaper and more accessible. “In fact, 98 per cent of retail cheques could be serviced through internet or mobile banking.”

Because cheques only account for only 0.2 per cent of all payments, according to figures from an Australian Banking Association (ABA) report. Cheque payments are also more expensive to process compared to other payment types — and it’s been that way for some time. A report for the Reserve Bank of Australia in 2008 — that’s 15 years ago — said it was costly then, saying it cost financial $4.22 to process cheques.

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