About the consultation
In June 2020, we published our summary of submissions in response to our consultation on the future of the cash system.
In October 2019, we consulted with cash system participants and the wider public on whether we should take a more active role in the cash system.
We released a consultation paper that considered the implications for New Zealanders of falling cash use for every-day transactions, including the impacts on the system that supplies, moves and stores it.
The paper proposed we take on a stewardship role in the cash system, providing system-wide oversight and coordination. It also proposed two tools, which, though not currently required, might be needed in the future to respond flexibly to changes in the cash industry and the evolving needs of the public. It proposed:
- we be given the power to set standards for machines that process and dispense cash
- we set out regulation-making powers that enable the government and the Reserve Bank to require banks to provide access to cash deposits and withdrawals.