Patricia Warren, Brunswick Heads
Following recent Senate Committee’s hearings on the Currency (Restriction on the Use of Cash) bill 2019, a homesafe should be the hottest selling item in Australia!
The performance of senior officials from the Reserve Bank, Treasury, the ATO and AUSTRAC at the hearing was appalling. They failed to produce substantive evidence to justify the bill, that if passed, will make illegal any cash transaction of $10k and above between individuals and businesses and businesses and businesses. Failure to comply will incur a penalty of up to two years in jail. Some movements of cash between individuals are ‘exempt’, but these aren’t in the proposed legislation.
Currently, two-thirds of outstanding bank bills are held as a store of value by residents and foreigners and the volume withheld from circulation is increasing.
Cash gives a person freedom of choice in how they do transactions. It protects a person’s privacy from data mining and cyber-hacking. It is a means of circumventing the fees and charges imposed by banks, and protects people from being monitored, managed and controlled by government, or any other entity.
It provides for instant settlement, leverage for negotiating a price, and is inclusive of the computer illiterate, and people in remote and regional areas. It is also free from power outages.
Yet the government, in unison with the banks, wants to take away these freedoms to allegedly clamp down on the ‘black economy’.
The bill needs to be withdrawn, if for no other reason than it is an attack on civil liberties, liberties that we don’t know exist until they are threatened or taken away.