Commbank wants to ban cash transactions over $500

Actualización de la peticiónAn Australian cash and banking guaranteeCommbank wants to ban cash transactions over $500

Jason BryceWILLIAMSTOWN, Australia

11 Apr 2024

Cash payments over $500 should be banned says Commonwealth Bank boss Matt Comyn.

"Any cash payments of over $500 should be done through the electronic payments system," said Comyn, "This would likely save the government about $5billion in tax revenue leaks."

Also last week, Matt Comyn admitted that the banks helped create the cash crisis in Australia by underpaying the armoured truck companies for many years.

There were two cash-in-transit companies in Australia, Armaguard and Prosegur.

Until recently the banks made them compete hard for the business of transporting cash. now there is one company and it's in trouble.

"The cash distribution model effectively had a very aggressive price based competition over many years,

"What we did was (we and others) accepted very attractive commercial terms. Perhaps we should have had the foresight to think well, that actually looks like it’s an unsustainable pricing and commercial model," said Matt Comyn.

Our big banks sit at the heart of the financial system. Every Australian needs a bank account to be paid.

Only the big four banks have agreements to buy physical banknotes from the Reserve Bank of Australia.

The banks need to provide us with access to our physical money in our local communities and guarantee that cash will always be available if we want it.

Only cash is private, reliable and surcharge-free.

Please share our petition calling for government to protect our right to access cash and our right to sue cash to buy food and essential groceries:

https://www.change.org/BankingAndCashGuarantee

This campaign is now huge and making a big difference. Here I am talking to Sunrise on 7 and here is Natalie Barr on Sunrise this week talking about cash

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