Australia’s $100 Notes To Be Chipped & Tracked

Australia’s $100 notes to be tracked to help fight organised crime and cash-for-work economy

Tax guru and barrister Michael Andrew has outlined the controversial option, plus a proposal for an expiry date on the currency, to help fight organised crime and the cash-for-work economy.

In an exclusive interview with News Corp Australia, Mr Andrew, appointed by the Federal Government to the Black Economy Taskforce in December last year, revealed Chinese citizens were taking the Australian $100 note back to their homeland because they trusted Australian currency.

He also pointed the finger at Australian pensioners, saying too many were hiding money under their bed to escape the assets test.

Over the coming days, News Corp Australia will outline the challenges and some of the solutions to the estimated $40-50 billion cash economy, costing the Budget about $10 billion in revenue and $3 billion in welfare payments.

Mr Andrew, a former global head of KPMG and current Board of Taxation chairman, said there should be 14 $100 notes for every adult in Australia but there were fewer than that in circulation.

“You see a lot of Chinese don’t trust their banking system so they like to take Australian dollars back to China,’’ he said.

Crime gangs preferred $50 notes and foreign migrants the $100 note.

“I’m working with the Reserve Bank and Austrac to get a better understanding of where our notes are. Clearly there’s a section of this that is organised crime. One of the options we would have is putting an expiry date on these notes. You could put a trace on some of these notes to see where they would go. You can use nano technology to put little chips in so you could then trace it.”

He said there needed to be a cultural shift in Australia.

The community had to understand that hardworking Australians, who played by the rules, would be slapped with higher taxes to pay for the essential services the community expected if the problem was not addressed, he said.

That message is being directed at the young, Baby Boomers and pensioners.

“We’re seeing $100 notes used by pensioners because there’s an assets-based test at the moment and they like to keep a fair bit of cash under the bed.”

Mr Andrew’s final report is due in October.

Read More: http://www.couriermail.com.au/news/queensland/australias-100-notes-to-be-tracked-to-help-fight-organised-crime-and-cashforwork-economy/news-story/553e15422d936b84ba3044255e9f7e89

4 thoughts on “Australia’s $100 Notes To Be Chipped & Tracked

  1. “Australian $100 bills …….. Many Hoarded Under Pensioners Beds” …….. REALLY.

    Glen Stevens said that, that is where Australian $100 bills end up.
    Sorry old son – you guessed WRONG !

    Like OLD PENSIONERS have nothing better to do with that extra bit of money than to HORDE $100 BILLS under the bed.

    In fact – it is a common belief that PENSIONERS who are naturally OLD and DEMENTED people of the Australian community
    Horde money – one $100 bill at a time – under the bed & as a result – younger people befriend older pensioners – in the mistaken belief that they are LOADED So they set out to steal their money. This is how the aged population of Australia get physically hurt & even end up dead – in the mistaken belief that they have money middle aged & younger persons – WANTING SOME FREE & EASY CASH – target older Australians.

    TERM DEPOSIT ACCOUNTS is where Pensioners $100 BILLS END UP .. accruing INTEREST.
    Then they get spent on THAT LITTLE TRIP TO Queensland that we could never afford.
    OR
    That air flight back home to Greece / Italy / Malta / Lebanon – before we die.
    OR
    The Green House that he always wanted – fitted out with automatic sprinklers – a rain water tank & an electric pump.
    The new Lounge suit that we could never afford
    AND
    While we are at it how about a new dining table & chairs.
    What about a new fridge – a new washing machine – some new clothes –
    That blood carpet has to go – a much needed & put off for years – paint job for the house will cost $20.000 – the old car has had it & we no longer need a new car.

    And all the while – the nice couple next door smile & say hell WONDERING HOW MUCH CASH WE HAVE HOARDED UNDER THE BED.

    No love – it’s in a TERM DEPOSIT ACCOUNT accruing INTEREST – we old folk are not a stupid as you.

    1. And of course 20% of that IMAGINED Australian $100 BILL will be deduced –
      On account of the 20% HIDE in the POWER BILLS on July 1. 2017 – Right !

      And the grocery shopping that goes up 20-50 cents per item ever time the Pension rates go up $3.50
      God love us Australian Pensioners … WE ARE FILTHY RICH.

      1. Ken & Margret decided to have a new carpet put in when it looked like it had enough stains & threadbare spots to warrant a heritage listing – they lashed out & had the inside painted as well – it blew their budget to hell.

  2. Tax GURU – Michael Andrew has – come up with a / some brilliant idea –

    WHICH MICHAEL ANDREWS IS GOING TO PAY FOR OUT OF HIS OWN POCKET
    So As Not To Burden The Australian People With Yet Another Expense On Top Of All The Other Expenses That Bleed Money From Their Already Tight Budget.

    IDEA NO 1. to microchip the Australian $100 bill.
    IDEA No 2. plus an expire date on the currency.

    1. How much is a microchip on ever Australian $100 bill going to cost US – the Australian people ?
    2. How much is it going to cost US the Australian people – to destroy all the MICRO CHIPPED expired $100 bills & replace them with new – MICRO CHIPPED bills.

    BIG QUESTION HERE –
    * why would China be stockpiling Australian $100 bills ?

    Today – most of the Australian Dollars that go overseas are taken over VIA the INTERNET TRILLIONS OF Australian dollars are couriered OVER to CHINA & BACK every day VIA the STOCK MARKET GAMBLING VENUES.
    China does not need Australian DOLLAR BILLS of any denomination – they hold Australian BONDS.

    * how does China get the Australian $100 bills to China in the first place ?
    IT IS SENT OVER THE INTERNET – that’s how.
    This is more BULLSHIT from the already failed TURNBULL Government.

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