Australia’s opposition has announced plans to introduce legal protections for cash payments as part of a broader campaign aimed at supporting small businesses.

Speaking at the National Press Club, Shadow Treasurer Tim Wilson accused the federal government of placing pressure on small businesses and said the Coalition intends to develop new economic reforms under a proposed Small Business Act.

Among the key proposals is legislation to protect the public’s right to pay by cash, alongside measures to ensure faster payment terms for small businesses dealing with governments and large corporations.

Wilson said the Coalition also plans to introduce a single legal definition for small businesses, require small business impact statements for new laws, and strengthen consultation and procurement processes.

Australia’s use of cash has steadily declined over the past decade, although authorities have pledged to ensure cash remains a viable payment option for as long as there is public demand.

The federal government recently introduced rules requiring major supermarkets and petrol stations to continue accepting cash for essential purchases.

Cash advocates argue that physical currency remains important for pensioners, low-income earners and regional communities, particularly as Australia moves towards a more cashless economy.

The Coalition said consultations with small businesses across the country will continue throughout the year as it develops the proposed reforms.