Kiss Goodbye To Those $100 Notes – Looks Like They're Going!
It’s time to kiss goodbye to those beautiful, green $100 notes, because it looks likely they’re going for good!
Okay, so perhaps we don’t have too many of them in our possession – but we certainly would like to.
The government has announced a taskforce will be providing feedback on the note as part of a review into the black economy.
The taskforce will look into the estimated $21 billion worth of economic activity that goes unrecorded (and untaxed) thanks to cash payments.
There’s talk there could also be a ban on cash payments over a certain level according to The Guardian.
Talking to the ABC, Revenue and Financial Services Minister Kelly O’Dwyer, revealed there were three times as many $100 notes in circulation compared to $5 notes.
“It does beg the question ‘why’,” she said when people are increasingly using electronic payments.
India and France have both undertaken similar measures to control untaxed transactions.