As you may have noticed, cheque usage in Australia is rapidly declining. In just a few months from July 2023 to March 2024, cheque usage dropped by nearly 30%—a trend we’re seeing globally as people shift toward faster, more convenient payment methods.
What’s changing?
The payment regulators in Australia have set a deadline for phasing out cheques entirely by 30 June 2030, though this date could move up as early as 2026. This means that over the coming years, cheques will no longer be an option for making payments or transfers.
What does this mean for you?
- Transitioning to electronic payments: as cheques are retired, we encourage you to switch to electronic payment options like New Payments Platform/Osko, BPAY, or card payments. Many of you are already using these methods, so the transition should feel quite natural.
- Receiving payments electronically: as cheque usage winds down, it’s a good time to ask anyone sending you funds to make the shift to electronic payments. Eventually, banks will discontinue accepting third-party cheques entirely.
- Government payments: if you currently receive government payments, such as Centrelink benefits, by cheque, don’t worry. We’ll continue processing these until the government no longer issues them in cheque form.
What about bank cheques?
Bank cheques will also be phased out, though there’s no set date for this yet. NPP/Osko is expected to take its place as the preferred alternative for secure, high-value payments, but bank cheques will still be available for now.
Our approach to the transition
With the regulatory mandate in place, we’re working on a thoughtful and efficient plan to make this change as smooth as possible. We’ll begin by phasing out inactive cheque facilities. For those who still rely on cheques, we’ll reach out with guidance and support to help you move confidently into electronic banking.
Commitment to cash
Rest assured, we remain committed to supporting cash services. We understand that access to cash remains important, and we’ll continue to provide it to meet your needs.
Thank you for your cooperation and understanding as we move toward a more efficient, secure, and future-ready payment system.
