The Australian government, led by Prime Minister Anthony Albanese, has announced a major crackdown on cash transactions in a bid to tackle tax evasion and money laundering. Under the new measures, cash payments exceeding $10,000 will be banned, forcing businesses and individuals to use traceable electronic transactions for large sums.
Why the Crackdown?
Officials argue that high-value cash payments facilitate the 'black economy,' allowing criminals and tax dodgers to operate under the radar. "This is about fairness and integrity," said a Treasury spokesperson. "Honest taxpayers shouldn't shoulder the burden of those who cheat the system."
Mixed Reactions
While anti-corruption advocates welcome the move, critics warn it could infringe on financial privacy and hurt small businesses reliant on cash transactions. "Not everyone has access to digital banking," argued one market trader. "This penalises the vulnerable."
Global Trend
Australia joins nations like France and Spain in imposing cash limits, reflecting a worldwide shift toward digital financial oversight. The policy is expected to roll out next year pending parliamentary approval.
