Whilst the use of cheques has dramatically dropped over the past decade by an estimated 90 percent, there are still many Australians who routinely use the banking method.
"Currently, 98 percent of retail cheques could be serviced through internet or mobile banking and 100 percent of those used in institutional and commercial settings," the Treasurer said.
"Leaving cheques in the system is an increasingly costly way of servicing a declining fraction of payments."
The change is set to come into place sometime before 2028.
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Legislative requirements regarding the use of cheques will be removed, with cheques expected to be wholly scrapped from public life by 2030.