Australia Might Be Canning The $100 Note, Which Would Deeply Affect Us All

Maybe it’s time to say goodbye to the humble greenback. The federal government is planning to establish a ‘black economy taskforce’ with the goal of cracking down on dodgy cash payments – and that could very well mean the eradication of the $100 note.

Despite the fact the average punter like you or I has probably seen or held a total of five hundies in our short lives on this planet, there’s actually quite a lot of ’em floating around. Minister for revenue and financial services Kelly O’Dwyer told the Australian Financial Review that there’s probably too many:

We’ve got three times as many $100 notes in circulation as $5 notes and we’ve got about $30 billion worth of $100 notes in circulation at a time when increasingly we have people more and more using electronic payment systems It does beg the question ‘why’ and that’s something the black economy taskforce will focus on.

Basically, it’s estimated that about $21 billion worth of economic activity currently goes unrecorded by the government, and therefore untaxed. Cash payments make up a big part of that, and experts have long said that $100 notes contribute to that problem.

We wouldn’t be the first country to place restrictions on cash to – India recently phased out its high-value rupee notes, and France has a ban on cash transactions of over 1000 euros. 
Anyway. Your fantasy of making it rain with a stuck of smooth hundies may soon be over.
Source: The Guardian.
Photo: Treasury.

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