Treasurer Jim Chalmers signed the death warrant, revealing that the decision had been made to phase out the 'outdated' banking method would help "Australians get their money faster." "Our regulatory frameworks and infrastructure have not kept up with the big trends and transitions happening in finance, especially when it comes to the digital economy and payments." He went on to refer to the existing cheque system as "clunky, inefficient, and cumbersome to many."
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