SYDNEY – The Australian Taxpayers’ Alliance, the nation’s largest grassroots advocacy group representing taxpayers today welcomed the shelving of the notorious Currency (Restrictions on the Use of Cash) Bill 2019. Parliament quietly abandoned the bill, which would have fined businesses and individuals for making transactions adding up to and exceeding $10,000 in cash.
“The cash ban claimed to crack down on the black economy. In reality, the only thing it attacked was our economic freedom.”
“Australians should be able to choose in what form they make legal purchases, without being forced into the banking system,” said ATA Policy Director, Emilie Dye. “The cash ban was a clear example of government overreach, deciding what kind of legal tender Australians could use.”
“The limits on the use of cash would have had many victims, including small businesses, individuals who value their privacy, and certain industries that depend upon cash payments to operate.”
“While most Australians don’t regularly make payments over $10,000 in cash, the bill failed to tie the threshold to inflation. Within ten years, the ban would have encompassed transactions of approximately $8,000 in real buying power. The cash ban bill was a death sentence for cash.”
“All Australians would have suffered from this bill. In a country where a few big players make up the bulk of the banking industry, banks have only one major competitor: cash. By taking away cash, banks could behave badly, increasing fees, lowering interest rates, and de-banking industries they dislike, with few consequences.”
“Legal tattoo parlours, vape shops, sex workers, bitcoin advocates, and even some charities have all experienced de-banking. As a result, they rely heavily on cash. This bill would have given private companies the authority to shut down legal businesses.”
“The way to stop crime is not to treat ordinary Australians like criminals. The cash ban reduces hard-working Australians to juveniles. This piece of legislation that should remain resigned to the ash heap of history. “
The ATA’s Policy Director, Emilie Dye, made many of the above points in her testimony before the Senate Economics Committee last December. The Australian Taxpayers’ Alliance has been one of the active voices in the fight against the cash ban since it was first introduced.