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Winding down Australia’s cheques system: Consultation Paper

The Law Council of Australia provided a submission to the Treasury in relation to its December 2023 Consultation Paper, Winding down Australia’s cheques system.

The Law Council commends the Treasury on its comprehensive Consultation Paper, which effectively articulates the economic rationale for dispensing with cheques as a method for making payments in Australia, as well as the likely associated impacts and consequences.

The Law Council recognises that the use of cheques in business, and personal commerce, has declined significantly, and that it is appropriate to prepare for an orderly transition to winding down the cheques system nationwide. However, there remains a lack of familiarity in the community regarding the technology-based solutions that are intended to replace bricks-and-mortar banking. The discontinuance of cheques in Australia will, therefore, affect businesses and individuals in a variety of ways, and will require a considered, well-communicated and nationally coordinated approach.

The Law Council’s Constituent Bodies have, in recent months, received enquiries from legal practitioners and their practices about the implications of winding down the cheques system in Australia. There are, broadly, five areas of concern for the Australian legal profession, as follows:

Read the full submission below.

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