Australia to scrap major method of payment by 2030 as the government considers piloting a digital currency

• Australia to scrap cashing cheques after 2030
• Jim Chalmers says it is a 'costly means of exchange'
• Government considering a central bank digital currency 

By Poppy Johnston For Australian Associated Press

No more cheques will be cashed after 2030 as the treasurer signs off on an end date for the once-common payment method.

The decision to phase out cheques before the end of the decade falls under the federal government's plan to modernise the nation's payments system.

Treasurer Jim Chalmers says Australia's regulations have failed to keep pace with trends in finance.

'Our policies and regulations predate the development of mobile payments,' he will tell a banking conference on Wednesday.

Under the modernisation plan, cash is safe - for now - but 'costly means of exchange', such as cheques, will no longer be payment options.

Jim Chalmers has signed off on the decision to end the cashing of cheques after 2030 as the federal government moves to phase out the paper-based payment