Cash Ban Australian $10,000 'Bill' Heading to Senate - Stop it NOW

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*** CASH BAN ON PURCHASES OVER $10,000 ***

If a category 5 cyclone was sitting off the coast with a trajectory that would decimate millions of people, you’d want to know about it right?

The truth is, Australia’s economic future sits in the path of a destructive supercell not witnessed for many generations.

Without fear-mongering, Australia is facing a recession or worse still, a depression if our economy does not improve. They are two words our Prime Minister is too afraid to talk about.

But as the saying goes, actions speak louder than words and there are signs the Morrison Government are quietly maneuvering legislation to prepare for the worst.

As Australia’s interest rates inevitably edge closer to negative territory like Sweden, Denmark, Switzerland, and Japan, those with money in the bank will face the grim discovery that rather than receiving interest on savings, depositors will be forced to pay the bank, making it costly to keep cash in financial institutions.

This is where the Government is getting tricky and manipulating everyday Australians.

August 2019, the Morrison Government introduced the Currency (Restrictions on the Use of Cash) Bill 2019.

A Bill that will limit the use of cash to $10,000 and impose 2-year gaol sentences and fines of up to $25,200 for anyone who breaks the law.

Effectively, if you are a person who keeps cash and uses it to buy a new small car, for example, you will face the real threat of 2 years in jail and a fine that would likely exceed the value of the vehicle.

The Government claims the legislation is to combat the “Black Economy”, but the truth is, it's legislation the Government hopes will stimulate the Australian economy. I prefer to call it a social experiment that uses your money to try and correct the market.

Flushing “Mattress Money” out of the shadows and back into bank accounts will leave deposits vulnerable to negative interest rates, prompting those with savings to spend the cash on investments or consumption items.

It’s just one of many ways our Government could fight off deflation and an ailing economy.

Now is not the time for Governments, households or businesses to be complacent with financial decisions, and nor is it the time to criminalise those who choose to use cash.

ONE NATION WILL NOT BE SUPPORTING THE BILL

If you want to read up on the proposed legislation, you’ll find the link here.

https://www.treasury.gov.au/consultation/c2019-t395788