It appears that the Government has decided not to proceed with its proposal to limit cash payments in Australia to $10,000.
This measure was originally raised as part of the 2018/19 Budget (refer to the Black Economy Package — introduction of an economy-wide cash payment limit).
The Currency (Restrictions on the Use of Cash) Bill 2019 was subsequently introduced to the House of Representatives, proposing to make it an offence for entities to make or accept cash payments of $10,000 or more, and the Bill passed the House on 24 October 2019.
It was Introduced to the Senate on 11 November 2019, but proceeded no further, and was “Discharged from Notice Paper” on 3 December 2020 (meaning the Government has withdrawn the Bill from the possibility of being passed by the Senate). Although it was withdrawn without explanation, the Bill was very controversial. It is currently unclear whether the Government will reintroduce the Bill, or something like it in the future.
