Aussie 'War On Cash' Tsar: "Consumers Are Part Of The Problem"

Tyler Durden's picture

Authored by Mike Shedlock via MishTalk.com,

Australia’s Black Economy Taskforce has come up with a list of 35 “consumer-focused” proposals to crack down on cash. The taskforce blames consumers for holding cash and for not getting receipts.

Michael Andrew, the head of the taskforce, proposes nanochips in $50 and $100 notes so the government knows where the cash is, and suggests that cash should expire after a designated period of time.
 

Andrew believes “consumers are part of the problem”. He wants to punish people who pay in cash and don’t get a receipt.

A plan to strip consumers of their legal protections if they pay in cash and fail to get a receipt has been slammed as “completely unfair” by leading advocacy groups.

 

The proposal was one of 35 recommendations contained in the interim report from the federal government’s Black Economy Taskforce, which argued the need for “consumer-focused action” to crack down on cash payments.

 

According to Taskforce chair Michael Andrew, former global head of accounting firm KPMG and current chair of the Board of Taxation, while current anti-black economy laws focused on businesses, consumers are “part of the problem”.

 

“We intend to examine the merits of consumer focused sanctions, including the loss of consumer protections, warranties and legal rights for people who make cash payments without obtaining a valid receipt,” Mr. Andrew wrote. “This is not simply of matter of imposing new penalties, but part of a wider cultural change agenda.”

 

But he argued any new penalty regime “should be carefully calibrated”, with the strongest sanctions “applying to egregious behavior or repeat offenses”. “Lighter touch approaches (including ‘nudge’ techniques) will be more appropriate in many cases,” he wrote.

Cash Crackdown Boss Proposes Nanochips Notes

Also consider Cash Crackdown Boss Proposes Nanochips Notes.

The man charged with cracking down on the “black economy” has revealed how he would like to keep track of your $100 and $50 notes.

 

Hi-tech nano-chips would be implanted in Australia’s “disappearing” cash under a plan floated by Michael Andrew, the head of the federal government’s Black Economy Taskforce.

 

Speaking to The Courier-Mail, Mr. Andrew said too much cash was being hoarded under pensioners’ beds and stockpiled as a trusted currency in China.

 

Estimates for the size of Australia’s so-called black economy vary from $23 billion to $50 billion. The government claims tax avoidance through cash payments costs the budget up to $10 billion in revenue, money that could go towards funding welfare and other services.

 

In the May budget, the federal government announced an extra $32 million funding for the Australian Taxation Office to fund its cash crackdown, which it expects to bring in an extra $589 million in revenue over the next four years.

 

According to Mr. Andrew, who will hand down his final report in October, there should be 14 $100 notes for every adult in Australia but there are fewer than that in circulation. While criminals prefer the $50 note, as the Reserve Bank pointed out in its defense of cash last year, foreign migrants and pensioners prefer $100s.

 

“You could put a trace on some of these notes to see where they would go. You can use nano technology to put little chips in so you could then trace it.”

 

Last year, a report by UBS recommended Australia scrap the $100 note. According to UBS, benefits may include “reduced crime (difficult to monetize), increased tax revenue (fewer cash transactions) and reduced welfare fraud (claiming welfare while earning or hoarding cash)”.

Reaction to Taxes

Liberal Democrats Senator David Leyonhjelm has the right idea.

“The only people who are distressed by the cash economy are the government and the public servants who want to spend taxes. It’s a reaction to the level of taxes we pay,” said Leyonhjel.

ECB Phases Out €500 Note

Last year, the New York Times reported Europe to Remove 500-Euro Bill, the ‘Bin Laden’ Bank Note Criminals Love.

India Cash Ban Experiment

On November 8, 2016, India’s Prime Minister Narendra Modi stunned the country with an announcement that 500-rupee ($7.30) and 1,000-rupee notes, which account for more than 85 percent of the money supply, would cease to be legal tender immediately.

I commented Cash Chaos in India, 86% of Money in Circulation Withdrawn; Cash Still King in Japan

On August 1, 2017, I offered this update: Letters from India: How Bad Can the Crackdown on Cash and Tax Evasion Get? What’s Next?

The war on cash is moving at breakneck speed.

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Falling Down's picture

FRN's to the moon, baby.

jeff montanye's picture

not sure of your meaning "but cash should expire after a designated period of time" sounds like a recipe for $x000 per ounce gold where x is greater than 2.


ACP's picture

Expiring cash?

Go for it, bitchez. That's one way to start a massive black market.

VWAndy's picture

 We goin to Bartertown! yippy ky ay

SoDamnMad's picture

They want Australia to be like India with a cashless society. OK folks, go to the curb and drop your drawers, squat and Sheeeeet!!!!!

King of Ruperts Land's picture

I propose Michael Andrew be expired.

That is the kind government shite your forced to endure once they have taken away your semi-auto rifles.

I wonder if we could crowd fund Australian regime change?

NidStyles's picture

So a market wide bail-in?

That seems fair, for bankers....

Jubal Early's picture

We know where this is heading.  It really doesn't matter if ownership of all property is in the hands of (((elected government))) or (((international bankers))).  They will keep blowing market bubbles up and then collapsing them until the goyim have been completely subdued.

If I had to rank the white countries already down the (((marxist))) multi-culti toilet bowl it would be:

1. SA
2. Canada
3. Sweden
4. Australia
5. Norway
6. England
7. France
8. Holland
9. Belgium
10. Greece

UmbilicalMosqueSweeper's picture

MPCs - End of WWII to end of Vietnam War...Military Script, Military Payment Certificates. C-Days, or conversion days.

Yog Soggoth's picture

Guys in trenchcoats, Phssst ,hey buddy, get your reciepts here. Then they would have to ban foriegn currency and PM's Some would just barter, others would repatriate.

NoDebt's picture

Keep making your so-called "currencies" less attractive and we'll start using something else.  Your play, central banks.  

(BTW- we already hate you and your bullshit, so you might want to take that into account when you make your decision)

Dragon HAwk's picture

Getting nasty out there folks.

Just found a 20$ bill, Oh Shit it Expired.

Sudden Debt's picture

That shit wouldn't fly.

People worked for that 20 dollars and if some moron would say it's worthless just because he says so, would create a revolt.

Young people are broke as of is so if you take more from them now...

Also, technicly you can't do this with your nanochips. You'll have bugs and crap rendering a lot of money worthless and well, if you do this with other people's money, it never ends well.

 

And we don't need to worry about the terrorists because they're killed.

The only terrorists are living in ECB & FED land.

Diatom's picture

Nanochips on notes??

I guess that the use of lead in vault manufacturing will go to the roof...

navy62802's picture

Yeah, consumers are the problem. LOL! What a fucking idiot. Why don't we fucking punish all the consumers, eh? Seems like a rational course of action, punish all those who are paying for services. PERFECT!!! That'll put things right again!

uhland62's picture

In 1970, the Junta regime in Greece mandated the issueing and taking of receipts. They'd follow you into the street, if you didn't pick it up! 

Did the trick for Greece, didn't it!!!

TBT or not TBT's picture

They used to get after you in Italy at cafe for not taking your receipt with you.   Same sort a shot.  Overtaxation and then overreaction to tax evasion.  

gunzeon's picture

same in Belgium; it is the law that they must hand you a receipt whether you want it or not. Following that, you're free to drop it on the floor or leave it on the counter afaik.

add: ... just in case your the taxman in disguise i spose

Mustafa Kemal's picture

Navy, its a doublespeak. Anyone with any sense would understand they are full of it.

They are talking to somebody other than you or I.

 

Michael Andrew 

what a work

King of Ruperts Land's picture

If anyone calls me a "consumer" to my face I punch the nigers light out.

VWAndy's picture

 Slavery plain and simple. Hanging is too good for them.

jeff montanye's picture

it is and it is too bad for us.  but we need truth commissions more, for the sheeple, where they must confess all and without lying or become vulnerable to prosecution for anything that can be proven, including any partial confessions they have already made.

if hillary tells all and doesn't lie (subjective i know but say hillary confesses a couple dozen murders), she walks with ten million dollars.  just has to spend 2000 hours cleaning up litter in a public park, 40 hours in each state, must agree to all selfie requests.

UmbilicalMosqueSweeper's picture

Bury the fuckers alive, and be done with it.

SoDamnMad's picture

Take them to the Outback and turn them over to the aborigines who they screwed royally for decades. They want to screw the consumers so let them get a taste of those they have  shackled and murdered for the last hundred years. Sounds fair to me. 

Mustafa Kemal's picture

"must agree to all selfie requests."

If she would agree to that, I would pardon her.

Of course, I would also get a selfie with her

Williambonzai7 can you do the rendition?

MaxThrust's picture

This type of indivual epitomizes the total faillure of governments  to aid the people of any country.

The war they wage is on the people who gave them authority to rule. Time for a reassesment of the reason we have governments at all.

 

SantaClaws's picture

There must be something in the government's drinking water.  Really not believable.

uhland62's picture

Paul Keating, Treasurer and PM before 1996, wanted to abolish cash then. They are totally obsessed with taking the last little domain of freedom away from us. 

"Disappearing cash' can also mean that money is stashed away offshore by middle class people who need a reserve in foreign currency in case their country experiences upheaval. With the USD quickly losing value ( 9 % in 2016) a small basket of AUD, Euros, and USD would be advisable. I know I would do that if I didn't live in Australia. 

jeff montanye's picture

and a somewhat larger basket of silver and gold bullion and shares of silver and gold miners.

spdrdr's picture

+1,000 on what you said.

However, the 9% I think is in 2017 (so far), not 2016 as you said.  Aussie Aussie Aussie Oi! Oi! Oi!

Caught_Fish's picture

Draw two dots on a piece of paper.

Join each of the dots with an arched line both above and below.

These lines represent the transaction between parties.

Cash flows from one to another, goods/services in reverse.

Now draw two more dots.

Draw all the lines required for the following;

The manufacture and distribution of chip enbedded plastic cards, including CEO and shareholders.

The totality of the tax system involved in the transaction.

Yours and the receiving banks transactions, costs, etc.

Any other govt' requirements relating to said transaction, tax receipts etc.

Add vendor Visa fees, GST (Grab Snatch & Take).

I will have missed a few.

Which is simpler, and keeps the fuckers out of your business.

Jubal Early's picture

"money is stashed away offshore by middle class people"

Not US middle class money.  There is this thing called FATCA, passed by Obama and the then Democrat Congress in 2010, that has forced virtually every non-US bank across the planet to deny service to US persons or people with "US Indicia".  Even if you are a permanent resident the majority of banks will refuse service to you.  Especially if you are middle class bringing less than $1m.

August's picture

>>>Even if you are a permanent resident the majority of banks will refuse service to you.

The Groucho Marx Principle: it is most advisable to bank with those banks who won't deal with US citizens.

VWAndy's picture

 Barter is the solution to the fiat magic.

stacking12321's picture

We don't need to be taunted with a blow by blow description of what life's like over there, mr thailand flag guy

UmbilicalMosqueSweeper's picture

Hemp rope is the real solution.

BandGap's picture

Zimbabwe had cash that expired, too. Printed right on the bills. Best stock market in the world, if only for a short time.

When are people going to get sick of this type of shit?

Freedumb's picture

I'm beginning to think not in any of our lifetimes. Maybe the answer is really that everyone is ultimately too stupid.

MsCreant's picture

Why shouldn't I be allowed to save my money? I don't understand their logic at all. They can't see what they look like? The entitlement?

This is how folks get hurt, know what I am saying?

lasvegaspersona's picture

MsC

They are actually right. Saving is good but when we save currency we devalue it because they have to print more (OK other factors are at work here too). Saving in gold only results in a higher price of gold...which hurts no one.

I doubt this is their thinking but I agree with them (sort of, I don't like them knowing whatever I choose to save in).

MsCreant's picture

I had not read this when I posted to you below. 

I do save in gold and silver. But aren't those the receipts dude wants folks to have?

I may be ignorant and own this. But doesn't the real problem exist because of fractional reserve lending, not the physical shortage of bills? That is why bank runs can happen, they never ever have enough cash relative to potential demand in a crisis. 

lasvegaspersona's picture

Who cares about bank runs when most of your wealth is in your sock drawer (or other more apprpriate hiding spot. Bank runs are only a problem for those with all their money in the banks. A few grand loss would be my max loss. I keep currency only for emergencies. I keep dollar funds only to meet payroll and current expenses.

MsCreant's picture

I did not express myself well.

The idea that interest must be paid on the money makes it so that they MUST print more, otherwise the money in circulation would equal the "value" in circulation. The need to pay interest means they need to print more. That printing is the printing that makes inflation a necessity. 

Then they print to prop up a bad bank, or a bad industry. They treasury "buys" the amount from the Fed. The US owes the amount, and interest. When we can't pay interest, we hypothetically default and owe the Fed, I dunno, something. Hypothetically we give them our "assets." Gotta cover principle and interest now. 

The system inherently needs "busts" so there can be defaults and deflation. Then it starts again and there is balance, a complete cycle. But they won't let that bust part of the cycle happen.

Back to it, if I want to save my money, I guess I should put it all in PMs? That seems nuts. But what else to do? 

Eh, this is nothing special, it is the problem all savers face.

lasvegaspersona's picture

When I say gold I mean gold not PM's. Silver has a simlar issue to lumber and grain. It is a needed commodity. Hoarding it would cause the wrath of industry.

Right now it is really not functioning properly but I see a day in the future when it will. If/when the dollar collapses a new currency system will hold gold a a higher value and use it as a reserve (like the dollar is held now.)

These are speculative ideas but I have enough confidence in their likelihood to hoard gold at more than 10% of my savings.

We live in wonderful/horrible times. The world has never experienced anything even close in terms of the monetary system. Figuring out what to do is the only game to play. Get it right and you will be crabby old auntie MsC our wonderful but eccentric old benefactor. Get it wrong and you will starve in the streets like in the Weimar, post Revolutionary France, Venezuela and Zimbabwe.

Choose wisely.

Mustafa Kemal's picture

"I don't understand their logic at all."

You should not try. It is not logical, it is doublespeak

_SILENCER's picture

Any .gov fuckface that tells you that YOU'RE the problem IS the problem

Mustafa Kemal's picture

"Any .gov fuckface that tells you that YOU'RE the problem IS the problem"

The amazing thing is that this is still effective today, just like the  false flags that are appearing like in a national cemetary

7thGenMO's picture

Certainly the Aussies came up with these ideas on their own.  London, the finance hub of The Empire, had no input whatsoever.  ///