Robbie Barwick from the CEC and I discuss the latest on the cash ban. Quiet Australians are speaking!
https://www.abc.net.au/radio/newsradio/
https://www.aph.gov.au/senate/los
https://www.aph.gov.au/senators_and_members/members
The Anti-Cash Ban Wave Rises
There’s one aspect of this bill, and the public response, that I’m surprised I haven’t seen getting any attention. Perhaps I just don’t pay enough attention? Or perhaps I don’t understand some of the nuances? This is actually my biggest problem with the bill.
It strikes me as very strange that the Government can put forward a control mechanism that is rooted in the private sector. Isn’t that unusual? Seems like requiring people to lodge their tax returns through Facebook or manage your Medicare account through a private GP’s office.
In a way, I would actually support this sort of endeavor if it was part of a larger and more common sense restructure of the banking sector. For example, if the Government had a public bank focused purely on private citizens and legislatively blocked from engaging in stranger banking practices like negative interest rates or derivatives trading… I would support this Bill in some way (although not in the exact form as currently proposed).