A Senate inquiry into the Federal Government's bill to ban cash payments of $10,000 and impose two-year jail sentences for people using cash for purchases above that limit has heard from thousands of stakeholders including businesses that warn the change may actually increase black economy activity rather than fight it.
The majority of submissions oppose the proposed cash ban, arguing the start date for the proposed laws is unworkable, is an infringement of people’s civil liberties and could exacerbate the impact of negative interest rates on ordinary citizens.
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