This came shortly after global Investment Bank UBS recommended that Australia remove its largest value note from circulation.
#AUSTRALIAN BANK NOTE CRACK#
The Australian government has previously floated the idea to remove the $100 note from circulation, citing once again the need to crack down on the black economy. Perhaps these pensioners, if they even are hoarding money (which is not illegal in itself), are doing so because the federal government is hiring people like Mr Andrew with our tax money to work out ways the public can be further surveilled and tracked.Īs for Chinese citizens, there is a $10,000 limit on taking cash out of the country so I doubt this is any cause for concern.īut is this all part of a bigger agenda? Calls to remove major currency from circulation This government created Black Economy Taskforce wants us to believe that Grandma is hoarding hundreds of thousands of dollars under her mattress in stacks of $100 notes. Chinese citizens taking Australian $100 notes back to China because it is apparently more trusted than the internationally superior Yuan.Australian pensioners hoarding money under their bed to escape asset tests.Mr Andrew claims that the $100 note should be tracked with nanotechnology due to: Michael Andrew, head of the Black Economy Taskforce. That sounds good and well until we read on to find out who these people targeted by the agency actually are and how they seem to think the $100 note is to blame. “…refers to people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations.” Nevertheless Michael Andrew, the man appointed by the Federal government to lead the ‘Black Economy Taskforce’ at the end of 2016 believes tracking the currency denomination is the best solution in stopping unwanted transactions from taking place and people avoiding paying tax.Īccording to the The Treasury the black economy: Especially at a time when Australia’s household debt-to-income is at an all time high.
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