Australia’s Liberal Party government has announced that it will soon be illegal to purchase anything over $10,000 with cash. The government says it’s “encouraging the transition to a digital society” and cracking down on tax evasion. But not everyone is happy with the move.
“This will be bad news for criminal gangs, terrorists, and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax,” Treasurer Scott Morrison said in a speech announcing the government’s new budget. “It’s not clever. It’s not OK. It’s a crime.”
The ban starts on 1 July 2019 and any payment over $10,000 will have to be made by check or credit/debit card. The government will enforce the measure by allocating roughly $300 million for what it calls the Black Economy Standing Taskforce. The goal is to drum up about $3 billion in new tax revenue over the next four years.