The fight against “bail-in” is on! The Morrison government has released for consultation a new law that bans cash transactions over $10,000. The pretext for this law is to crack down on money laundering and tax evasion in the “black economy”. This is a shameless lie! The formal recommendation to ban cash comes from “big four” global accounting firm KPMG, which is an accomplice of the world’s biggest money launderers and tax evaders. The real purpose for the cash ban is to trap Australians in the banking system, so they cannot escape negative interest rates or having their bank deposits “bailed in”.
The fight against the Morrison government’s totalitarian cash ban has achieved an important breakthrough. Thanks to the thousands of submissions and phone calls that Treasury and MPs have received from fired-up Australians, the Labor Party has not done its usual roll-over to the government and banks, but has done the right thing and demanded proper process. On September 19, Labor joined with One Nation, the Greens and Centre Alliance to overrule the government and refer the bill to a Senate committee for an extended inquiry that is due to report by 7 February 2020. This means that Morrison cannot stick to his schedule of banning cash transactions over $10,000 starting 1 January.