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TOPIC: Australia Seeks to Expand Global Cash Ban, Targeting the “Black Economy”

Australia Seeks to Expand Global Cash Ban, Targeting the “Black Economy” 20 Dec 2016 21:59 #1

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Australia is poised to pick up the baton when it comes to the global cash banning movement. Singing a familiar tune, the country’s highest-denomination banknote, the $100 Australian dollar note is “under review” in a bid to crack down on the “black economy,” the same terms used by Prime Minister Modi in India when announcing a cash ban in India last month. This “black economy” accounts for an estimated 1.5% of the nation’s GDP, which is going untaxed.

“The whole point of this crackdown on the black economy is to make sure we close down any potential tax loopholes,” Revenue and Financial Services Minister Kelly O’Dwyer said on ABC radio on Wednesday. She warned that there are three times as many $100 notes in circulation than $5 notes. “It does beg the question, ‘Why?’”

An “expert panel” will decide its fate in the weeks to come, and the $50 AUD note may also be at risk. This comes after USB bank recommended last month that the $100 note be removed from circulation, citing common refrains including “increased tax revenue, reduced crime, and reduced welfare fraud.” This wouldn’t exactly hurt the bankers either, UBS admitted.

“From the banks’ perspective there would likely be a spike in deposits if all the $100 notes were deposited into banks, household deposits would rise around four per cent,” the UBS report said.

There does seem to be some resistance in Australian government over this, calling out the idea as a way to spend more tax revenue.

“The only people who are distressed by the cash economy are the government and the public servants who want to spend taxes,” said Liberal Democratic Senator David Leyonhjelm. “The incentives for a cash economy would be reduced a lot if taxes were a lot lower,” he told news.com.au. “It’s a reaction to the level of taxes we pay. I think the solution is to lower taxes so the incentives to avoid paying taxes are lower.”

The destruction of cash worldwide seems to have few limits based on geography. India did not use the excuse that cash is not used, as the 500 and 1000 Rs notes were the most used in the nation of their mostly cash-based society. Spain and France have recently banned any withdrawals over 1000 units. Venezuela just announced a ban on 100-bolivar notes last week, as well.

Meanwhile, many nations have announced a future national digital currency should be expected, including China and Ukraine. Australia, Canada, and other nations are also reviewing the creation of their own form of Bitcoin through a national digital currency.

Read More: cointelegraph.com/news/australia-seeks-to-expand-global-cash-ban-targeting-the-black-economy
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Australia Seeks to Expand Global Cash Ban, Targeting the “Black Economy” 21 Dec 2016 04:41 #2

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G'day Novum.

An old mate in Port Macquarie told me this one ...

Pot will get you through times with no money, yet money won't get you through times with no pot.

... :joint:
You cannot reason someone out of a position that they didn't reason themselves into.

When paired opposites define your beliefs, your beliefs will imprison you.
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Australia Seeks to Expand Global Cash Ban, Targeting the “Black Economy” 21 Dec 2016 04:50 #3

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Well if they eliminate cash money, other forms of currency will begin to get used to trade, including more of the one you just mentioned. :larf:

Another one that might happen/grow is the use of US dollars... it happens in other countries already (outside the USA i mean) and the US doesnt seem to be near the front of the line re. eliminating cash notes.
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