It’s no secret that the Australian government recently passed a law limiting cash payments to $10,000, however, this law wasn’t supposed to apply to your own bank account. I found this out the hard way when I tried to withdraw $10,000 from Commonwealth Bank, where I have had an account for over 20 years. I requested the money preferably in $50 notes, but could accept some in hundreds if necessary. When I asked for the money, the teller asked me what I wanted it for. I said it was my money and I wanted it. They told me they had to know what it was for because it might be for a scam. I said it wasn’t a scam and I wanted my money. The teller then called the manager and told her I wanted to withdraw $10,000. The manager asked me why and told me I had to answer. I told her I wanted it because I was making a tik-tok video of how much cash I could feed a bear. Needless to say, this was a mistake, because she responded, “That’s a new one”, and then said she could only give me $5,000 and would that be okay? Understandably, I was frustrated by this experience because I should not have to justify to anyone why I want to keep my own money as cash.
This experience highlights the reality that Australians are now subject to scrutiny and restrictions when it comes to their own money. The government’s cash limit law is an infringement on Australians’ rights to manage their own money. It is a breach of our freedom and privacy, and it implies that the government has the right to interfere in our financial affairs.
The government’s cash limit law is a misguided attempt to combat criminal activity. It is true that criminals often use cash to launder money and evade taxes, however this law will not stop criminals from doing these things. Criminals will simply find other ways to conceal their illegal activities. The law will only make it harder for honest Australians to access and manage their own money.
The cash limit law is also a regressive policy that will disproportionately affect low-income earners and people in rural and remote areas. These people are more likely to rely on cash payments than those in urban areas, and the law limits their ability to access and manage their own money.
The government’s cash limit law is an unnecessary restriction on Australians’ freedom and privacy, and it is a regressive policy that will disproportionately affect low-income earners and people in rural and remote areas. It is a misguided attempt to combat criminal activity that will ultimately be ineffective. Australians should have the right to manage their own money without interference from the government.