The Liberal Party has passed a bill, in the Lower House, to ban cash payments of over $10,000 with the penalty of doing so including a maximum of a two-year jail sentence and a fine of up to $25,200. Purchases over $10,000 would need to be made using banking transactions or cheques, if this law is passed.
At first glance this looks like pure click-bait but in actual fact it's a true bill and one that has gained a lot of discussion, Australia wide. The main argument for the policy is the legitimacy of the cash – where was it sourced from and has relevant tax been paid and declared? The bill first introduced by the Government's Black Economy Taskforce was recommended to halt crime syndicates, money laundering and other illegal sales and purchases.
Big Brother is watching… and perhaps they should be in a country with a high crime rate, troubled banking system, extremely low interest rates and increasing living expenses with stagnant wages.
Whilst the Senate inquiry is currently looking into this proposed law on spending cash, in large sums; the Labour Party has asked Australians to contact Barnaby Joyce and "tell him he must make this cash ban a leadership issue".