Plan to ban cash purchases over $10,000 set to become Australian law as Senate inquiry gives thumbs up

Plan to ban cash purchases over $10,000 set to become Australian law as Senate inquiry gives thumbs up, by Nassim Khadem.

A Senate inquiry has backed a controversial bill to ban cash payments of $10,000 and impose two-year jail sentences on people using cash for purchases above that limit, meaning it will soon become law.

The Federal Government has … argued the measure is intended to fight the black economy, by stamping out tax evasion, money laundering and other crimes. …

“The cash payment limit does not, in any way, reduce the capacity of individuals and businesses to withdraw money, in any denomination, from their bank accounts and hold it outside the financial system. Likewise, the bill does not affect the ability to deposit cash with a financial institution.” …

Clues to what’s coming next:

[The committee] also rejected submissions that had objected on the expectation that a government would eventually reduce the cash payment limit below the proposed legislated amount of $10,000. …

Many submissions also raised concerns that the proposed law may leave people’s bank deposits vulnerable to negative interest rates — a situation whereby, instead of receiving money on deposits, depositors must pay regularly to keep their money with the bank.

Greens senator Peter Whish-Wilson said … that if the Federal Government was really serious about fighting tax avoidance, it would introduce a register of beneficial ownership that would out the people behind secret shell companies, and make public the behind-closed-door settlements between the ATO and multinationals about how much tax they pay.

And if it really wanted to fight money laundering, he said the Government would end the current exemption for real estate agents, accountants and lawyers having to report under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

“Australia is now one of only six countries in the world not to have closed this loophole, alongside the United States, China, Mongolia, Madagascar and Mauritius,” he said.

Never believe anything unless it’s been officially denied.

Government increasingly wants to know everything you do with your money. When we eventually cannot use cash meaningfully, they will control much of your life. Hate speech? Bad attitude? Turn off your access to your bank account, or simply take it away at the touch of a button in Canberra. Take that, peasant! Serving the public, ha ha ha.