2 chapters across the catalog
Australia is considering a bill to ban cash transactions over $10,000, with potential jail time for violators. Economist John Adams argues that such bans do not actually reduce the "black economy," citing Sweden as an example. Concerns are raised that the $10,000 limit could be lowered by future regulations without parliamentary oversight.
The Australian government's "Black Economy Task Force" is proposing sanctions against consumers who use cash for large purchases without obtaining receipts. This move is part of a broader "cultural change agenda" to transition the country into a global financial technology (fintech) hub. Critics point to recent payment network outages in the Netherlands as a warning of the fragility of a purely cashless society.
