$10,000 cash ban bill thrown out

The bill, unofficially known as the “cash ban” law, would have seen fines of up to $25,000 or a jail term for those who accepted payments worth more than five figures and was due to take hold in January.

Many are overjoyed that the bill has failed, seeing it as an infringment on their rights and freedoms to use cash, however, there is still a possibility the law could return in some form once the coronavirus pandemic has passed, with the Government having been adamant that the cash ban law was the best way to fight the black economy.

When questioned as to whether the law would be revived, Assistant Treasurer Michael Sukkar indicated that the Government has recognised the impact of the pandemic on small businesses and the economy. He said: “As we progress through to the recovery stage, we recognise now is not the time to impose an additional burden on small business." 

Mr Sukkar has not given any indication whether the cash ban law will be revived at some point. But how long before we see a bill like this return once Australia’s economy recovers from the COVID-19 recession?

December 2020

Date published 10 Dec 2020