Why Are We Banning Cash?

As a small business owner, the Australian government’s attempts at banning cash transactions over $10,000 may seem to have little effect on you.

After all, how many Australians really conduct transactions over $10,000 cash on a daily basis?

And if we ban cash, won’t that mean more transactions are conducted electronically, which appears preferable for small business?

But what if there was a bigger picture with the intent to ban cash?

Something that the everyday Australian may not consider?

Recently, Matt Barrie, CEO at Feelancer Ltd, wrote an open letter to the Australian Senate urging it to consider all implications associated with the banning of cash.

It’s quite a detailed letter and rather than regurgitate its main points, you can read it in full here.

If anything, you will get a greater appreciation of economics.

Interestingly, some of his points are ones which I point out in How Inflation & Tax Combine to Kill Your Gains and The Dark Side of Online Cash.

Again, you can read his letter here.

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Until next time.

Please Note: These articles are provided for education purposes only and should not be construed as specific advice. Always seek professional advice in relation to your personal and business circumstances.