Future of Cheques
Today, electronic payment methods are everywhere. As a method of payment, cheques are in long-term decline - Australians are choosing to use other, more efficient and cost-effective payment options.
In June 2011, APCA commenced the "Have Your Say’ public consultation process to ensure that as cheques becomes scarcer and inevitably more difficult to use, community payment needs continue to be met. APCA sought broad input from the community including through The Role of Cheques in an Evolving Payments System Consultation Paper and a series of round-table sessions.
On 15 May 2012, APCA released the Final Report for the Role of Cheques consultation process. Entitled "The Decline of Cheques: Building a Bridge to the Digital Economy", the Report summarises the outcomes of the consultation and includes a series of Recommendation and Commitments. Based on the available evidence, APCA concludes there is no need to consider closing the cheque clearing system or imposing a similar structural change to address cheque replacement. However, APCA notes the need to address the challenges presented by persisting cheque use and proposes a number of measures to help assist current cheque users participate in the emerging digital economy. Progress will be reported on regularly in a Milestones Report, the first of which was released in April 2013.
- Towards the Digital Economy: Milestones Report - April 2013 Read more
- Milestones Report Media Release - April 2013 Read more
- The Decline of Cheques:Building a Bridge to the Digital Economy - Read more
- The Decline of Cheques Media Release - Read more
More information on the public consultation process can be found at the Role of Cheques microsite