AUSTRALIA COULD SCRAP THE $100 NOTE

December 13th, 2016

India. Venezuela.

Australia?

Via: New Zealand Herald:

Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country’s highest-denomination banknote in a bid to crack down on the “black economy”.

Speaking to ABC radio on Wednesday, Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the government looks to recoup billions in unpaid tax.

Monday’s midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.

O’Dwyer told the ABC not only is the lost revenue owed to the Australian people for schools and hospitals, but it’s also critical for those who do the right thing and pay tax.

“The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes,” she said.

Despite the broad use of electronic forms of payment, O’Dwyer warned there are three times as many $100 notes in circulation than $5 notes.

“It does beg the question, ‘Why?'” she said.

3 Responses to “AUSTRALIA COULD SCRAP THE $100 NOTE”

  1. tm Says:

    I follow Cryptogon on Blogger. This is the last post that has showed up on my feed. (I just assumed Kevin was taking an extended Holiday holiday). I wonder if the Google goons are blocking Cryptogon from appearing on Blogger feeds.

  2. Kevin Says:

    I disabled the feed during a DDOS attack. I’ll turn it back on again and see what happens.

  3. Kevin Says:

    99.99999999% of traffic on my feed is malicious. I don’t know why the feed is targeted, but it is.

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