Category Archives: Australian Bankers Association
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On Tuesday 13 April Christine Holgate will speak publicly for the first time, at a hearing of the Senate inquiry into her removal. For a reminder of what is at stake, watch this short clip of Christine Holgate in 2018 announcing the banking deal with CBA that saved community post offices, jobs, and the regional communities that rely on post offices for banking services. Without this deal…
Banks forced Liberals to sack Christine Holgate, best ever Post Office CEO – Katter calls for reinstatement
KAP Federal Member for Kennedy Bob Katter, a staunch supporter of former Australia Post CEO Christine Holgate since her unethical dismissal last year will move in the Federal Government a motion to reinstate her as CEO.
He praised her integrity and perseverance in defending her decision to purchase Cartier watches as a reward for key employees securing long-term, profitable banking services which ensured the longevity of Australia Post branches around the country.
“The most successful and honourable businessmen I have ever had the pleasure of being a friend of, Marcus Blackmore, the great innovator in medicinal supplements had Christine for a long period as his Chief of Staff and he swears by her integrity and her competence,” he said.
“I cannot say how much I admire a person that cut her salary in her job down to that of a departmental head in a state government department. This is one of the largest operations in the country and she is the only CEO in Australian history that I can think of that reduced her salary down a fraction of what it had been under her predecessor.
“It is the first time that post offices have spoken positively about their CEOs of Australia Post and she gave them hope for the future. She had worked with owner/operator pharmacies which are owner/operated by law (albeit with corporate oversighting) and she was determined to keep the owner/operator model – clearly the most successful model which guaranteed local ownership throughout the suburbs and regional towns of Australia.
“Quite frankly she should had been sacked if she hadn’t given these star-performing, hardworking employees a bit of reward for their efforts.”
Mr Katter said, “Call me paranoid but I just can’t get it out of my head that the banking agencies were working so well that the banks were getting toey that there might be another powerful banking player in Australia. The last thing they want is any further competition, particularly from an organisation that has branches in every suburb and town in Australia, places they have long since abandoned.
“Christine has extraordinary capabilities – you don’t run a multi-billion-dollar corporation like Blackmores if you are a fool – was in her vary nature, threatening on the banking front. And a rabid free market government in Canberra whether LNP or ALP except for Rudd, I can’t name one of them that is ideologically bound to a free market mentality, has made continuous efforts to prioritise one of the last assets the Australian people own. Everything has been sold off with the vast bulk in the hands of foreigners.
“Christine did not strike me that she would agree to sell off the magical asset of Australia Post and/or bow to the whims and interests of the banks whose record was so bad that each of the banks did a huge backflip and apologised for their conduct.
“Well now we know the truth. We know now we have been misled and we know now who has misled us.
“We will get a vote in the Parliament and she will be reinstated. And if the Government doesn’t do that, then the way it is headed at the present moment, it will just be another nail in their coffin.”
Deflecting blame, Prime Minister Scott Morrison said today her dismissal is now the subject of a senate inquiry.
by staff writers
Political parties have usurped Constitutional government in Australia over at least the past four decades replacing it with corporate governance by removing the Crown and replacing it with the Queen of Australia.
There is no such lawful entity. Labor Prime Minister Gough Whitlam in 1972 started the rot and successive Prime Ministers both Labor and Liberal completed the treachery without referendum.
More and more Australians have discovered what has gone down around them aided and abetted by an equally treacherous media and the Bar Association incorporating the Inns of Court and the Law Association with its lawyer members.
Law faculties at universities staffed by socialist-left professors over many years have indoctrinated literally thousands of graduates to believe Parliaments are supreme and there is no recourse for litigants who have been reamed by this asset-stripping, banking industry- orientated court system developed by the party duopoly.
So much so that the Australian Banking Association employed as CEO former Queensland Labor Premier Anna Bligh who qualified for the position by borrowing $60 billion when Premier from Rothschild Bank and mortgaging the assets of the state for collateral.
Queensland’s system of law has degenerated into an asset-stripping operation for the banks, attested by the Labor-appointed judge in the recent taxi industry claim for compensation for now worthless taxi licences after the Labor gang allowed Uber ride sharing to jump the queue.
The Supreme Court judge gave Uber a free ride to the bank while taxi operators lost their mortgaged homes and suicided at a similar rate to cattle producers during the Labor-induced live cattle export embargo.
In Queensland the party duopoly has ensured there is no lawful remedy.
But there’s more….
Litigants are advised to check out the newly formed Common Law Courts of Queensland where proper justice will be served in deference to the unlawful so-called courts of Queensland Inc.
Australian political party members of parliament should be mindful of what is soon to transpire in the United States affecting the traitors of Constitutional government. Corporate nemesis is coming to Australia……….
Eat your heart out Peter Beattie.
While ever the LNP/ALP duopoly which kowtows to China stays in power Australia will flounder until drowned
AS Australia’s biggest anti-free trade advocate, Bob Katter, Federal Member for Kennedy has weighed in on the escalating trade tensions with China, slamming successive government free trade policies and warning that unless Australia breaks the “iron ball of bureaucracy around our ankles we will continue to be a begging bowl of Asia” with cattle, cotton, barley, wine, fruit and vegetables and coal.
Mr Katter said it was unsurprising that China was showing no signs of cutting down Australia’s trade deals with the top earning commodities.
“If you take away China as a customer, you’ve lost 30 per cent of the nation’s income, and the criminals that allowed this to happen in the Parliaments of Australia by running around with their free trade, black-dogging the all-powerful Chinese, should be shot.
“For years they were running around saying that free trade would make Australia become the “food bowl of Asia” but we are now the begging bowl of Asia, just look at our fruit and vegetables where Australia is now a net importer.
“The country is now reaping the whirlwind that feeds the greedy snivelling sycophantic slave masters, the snake like Sydney city suits living in their pleasure domes.”
Mr Katter said the only response to Beijing’s power plays was to focus on developing Australia’s self-sufficiency particularly on essential products used every day which are currently produced in China, like plastic.
“Self-sufficiency in a post-Covid world should be the catch cry and I cannot see one single item undertaking by desperate Dan the dictator, or “do what I say” Palaszczuk, the NSW Premier seems to be too busy on extra-curricular activities and while I’d like to very much to think that Josh Frydenberg would be on board, I’m afraid Josh’s background inhibits him from building this nation.
“The problem with letting business build Australia as the Treasurer believes is that businesses are carrying more bureaucracy leg iron than my burdened convict forebears ever had to carry and it is the banks, sorry the “mortgage lenders”, that have led us to this.
“The long term benefit for Australia is to produce in our country sophisticated industrial goods and the industrial by-products of agriculture such as ethanol which opens the way to plastics manufacturing. Fancy importing all your plastic products (your Coca Cola bottles etcetera) from overseas when we could be doing it here.
“Countries like China just print the money to build a development or project; state-of-the-art economies of scale and it is not cheap labour anymore given their wages are over 50 per cent of that of Americas.
“We have the iron ball of bureaucracy around our ankles and we have banks that want to know the value of our house when we want to build a Bradfield Scheme. And the mortgage lender banks are only interested in how much they can sell a half built dam or factory for. They look to the mortgage value rather than the project.
“Australians must throw out their current political and monetary regime and replace it with an aggressive build and own our nation attitude which is the driver in America, China, Europe and Brazil.
“Instead, we are still floundering around in the fairy floss of free marketism which is an explanation and admission that we know absolutely nothing about anything and we don’t have to do anything because it will all be done for us.”
Totally compromised banker’s man PM Scott Morrison, rushes in a ban on cash that has nothing whatsoever to do with alleged Covid 19 infected banknotes or tax evasion. The ABC and MSM are supporting the NWO takeover with their fake news
Federal Member for Kennedy, Bob Katter, has expressed his disgust on the back of the announcement that some inner-city supermarkets will no longer be accepting cash.
“A proposal by one of the supermarket chains to go cashless?” Mr Katter said in disbelief when first confronted with the news.
“Once cash vanishes then you become the puppet of the banks,” said Mr Katter.
“A cashless society means the only way you can buy anything is if the bank approves it and four banks encompass 90% of Australia’s transactions.”
“If we Australians are stupid enough to trust 4 giant corporations and their puppets, the Federal Government, then we are really stupid people.”
“Australian currency is owned by the people, not the banks.”
Mr Katter’s tirade follows a major supermarket informing the public that, from yesterday, they would no longer be accepting cash payments at six more inner city stores in Melbourne and Sydney. This is on top of the six stores that began the trial in July this year.
“The concentration of power here is really scary,” Mr Katter added.
“The giant supermarket chains have destroyed owner operator businesses across Australia.”
“This is the first step onto a slippery slope, and it will be absolutely disastrous, at a time when people are trying to desperately to get their money out of the banks and financial institutions.”
“I will lead the first demonstration in the first store that they attempt to do it!”
Cairnsnews advises voters in the upcoming Queensland election on October 31 to vote for a KAP candidate or you will go down with the Admiralty law ship. If valid, corporation law would prosecute Queensland Inc for trading while insolvent. The state is hopelessly bankrupt yet the knucklehead Premier and the equally silly Opposition Leader, bereft of any intelligence have taken election pork-barreling to such lofty heights the Reserve Bank will have to print money non-stop for the next two years.
Your grandma is next! Fight Morrison’s creeping cashless economy agenda
From the Australian Citizens Party
The Senate will soon vote on the Morrison government’s bill to extend the trials of the Indue cashless welfare card. These trials are part of the government’s and banks’ creeping cashless agenda, to force Australians into electronic payments and effectively trap them in banks. The government’s bill to ban cash transactions over $10,000 is part of the same agenda. While Australians angrily reacted in huge numbers to the $10,000 cash ban, which sparked an insurrection against the bill in the government’s own ranks, too many have failed to recognise the cashless welfare card is a foot in the door for the same agenda. If you oppose the push to a cashless economy, call cross-bench Senators Jacqui Lambie, Stirling Griff and Rex Patrick before Wednesday to demand they oppose the bill.
Don’t fall for the justification that the Indue cashless welfare card ensures welfare recipients in highly disadvantaged communities spend their money responsibly and not on alcohol and cigarettes. The card is a totalitarian technological short-cut that is a substitute for addressing the real causes of welfare dependency and drug and alcohol abuse in disadvantaged communities. It is also a trial of a program that is intended to be rolled out Australia-wide, which will include recipients of the aged pension. The government falsely and insultingly calls the pension welfare when in fact it is a payment for which pensioners have contributed all their lives. The trials currently include recipients of disability and carers payments.
On 11 September 2019, the Citizens Party exposed how the Indue cashless welfare card is part of the broader push for a cashless economy:
The Morrison government’s cashless welfare card, and draft $10,000 cash ban bill, are part of the program to force Australians into a cashless economy system that will enable the private banking cartel and government to monitor and measure their words-the financial activities of every Australian.
In 2012 the RBA [Reserve Bank of Australia]-the high priests of the financial system who conjured Australia into a debt and real-estate bubble, and now use monetary policy solely to pump more debt into the bubble to prop up the banks-conducted a review of the payments system, using its legislated powers, unique among central banks, to promote efficiency and competition in the payments system. That review led to the establishment of the Australian Payments Council (APC), which was founded by the Australian Payments Clearing Association (APCA, now Australian Payments Network) to promote a strategic agenda for the Australian payments system through industry collaboration. The APC set out to create the platform for real time electronic payments clearing (including peer-to-peer consumers instantly paying each other through their phones), which is the infrastructure for a cashless economy. This idea became the New Payments Platform (NPP), and to coordinate the project and industry efforts to bring it to life, APCA engaged global accounting giant KPMG.
The NPP is now up and running, although in a fledgling state. It is jointly owned by 13 of the biggest financial institutions in Australia. Extraordinarily, the RBA itself is one of the owners-a massive conflict of interests for Australia’s central bank to effectively be in a business partnership with the private institutions it is supposed to regulate. Another curious name on the owners’ register is Indue, the private corporation that holds the contract to manage the government’s cashless welfare debit card, for which Indue is paid $10,000 per card to administer, and which the government wants to roll out Australia-wide.
While KPMG was coordinating the NPP, its former boss, Michael Andrew (now deceased)-the only Australian to ever become the worldwide boss of one of the Big Four global accounting firms-was chairing the government’s Black Economy Taskforce. In the Taskforce’s 2017 report, Andrew recommended the $10,000 cash ban to move people and businesses out of cash and into the banking system, which makes economic activity more visible, auditable and efficient. In other words, to force Australians on to the NPP!
With the Indue card the government is picking off welfare recipients to be the first forced into their cashless regime, but your grandma is next. Meanwhile the banks are succeeding in using the pandemic disruption to advance their plans to reduce cash use and make people more reliant on electronic payment systems.
Here’s the good news: although it’s officially still in the Parliament as a bill, the government’s $10,000 cash ban has stalled. The government has gone very quiet on the issue, and that is entirely due to the huge public backlash they received after unveiling the bill last year. The Australian people fought them back, but must continue to do so every time the government tries to push the cashless agenda. This cashless welfare card bill is one of those times, so the Citizens Party is calling on concerned Australians to contact the three cross-bench Senators before Wednesday to insist they oppose this bill.
Senator Jacqui LambiePh: (03) 6431 3112Email: firstname.lastname@example.org Senator Rex PatrickPh: (08) 8232 1144Email: email@example.com Senator Stirling GriffPh: (08) 8212 1409Email: firstname.lastname@example.org
Best video of the year explaining the World Economic Forum’s plan to remove Trump and force a world reset, installing the New World Order, supported by Australian bankers’ man PM Morrison and the LNP/ALP/Greens triumvirate:
by Alexandra Bruce
I’ve been pleasantly surprised to discover that one of the most consistently hard-hitting and incisive sources of news and analysis on YouTube is Remnant TV, a channel published by The Remnant, a St. Paul, Minnesota-based Catholic newspaper that bills itself as the “Oldest traditional Catholic newspaper in the world” and is strongly critical of Pope Francis and of all the Globalist policies currently endorsed by the Catholic Church.
This eye-opening documentary published 3 weeks ago on August 6th, hosted by The Remnant Editor, Michael Matt explores what’s really going on with the global pandemic.
He takes us to Switzerland—to the World Economic Forum—where the movers and shakers of the world meet in Davos to discuss the implementation of UN Sustainable Development Goals in order to fundamentally “transform” every aspect of life as we know it.
They want a New World Order and the only thing standing in their way, at the moment is Donald Trump.
by Remnant TV
Treasurer Josh Frydenberg is a bald faced liar. So too is his Assistant Treasurer Michael Sukkar and Prime Minister Scott Morrison.
All three have claimed on national television the $330 billion created by the Reserve Bank was borrowed and taxpayers are liable to pay it back.
The ABC broadcast this interview with Treasury officials who have stated categorically the Covid 19 bail-out Jobseeker fund to assist business maintain employee remuneration was created by adding extra noughts in Treasury computers. The ABC has rolled over yet again, under orders from Frydenberg, ignoring their previous radio interview about Treasury credit creation.
ABC reporter David Taylor naively claimed this was the first time Treasury had created credit. He is totally wrong- it has been doing it since the early 1900’s.
There is nothing new about credit creation by banks. Early bankers of the 17th and 18th centuries accepted gold as a deposit then issued notes against the gold held in their vaults. The value of the notes often exceeded the value of the gold in their vaults. These were the first bank notes used in every day transactions then and now. Except for the world’s greatest Treasurer, Liberal Peter Costello who sold most of our physical gold reserves to ‘balance the books’ and replace it with government paper.
Peter Costello agreed to sell most of our gold holdings in 1997.
The decision prompted cries of betrayal from the gold industry and, with the benefit of hindsight, was incredibly poorly timed. Since the sale of 167 tonnes of gold for $2.4 billion, or just over $400 an ounce, gold in Australian terms has rallied to record highs. The price peaked last July at $1819.44 an ounce, at which point the gold Australia sold for $2.4bn would have been worth $10.7bn.
In a vault deep in the basement of the Reserve Bank’s Martin Place headquarters in Sydney today sits a hoard of gold bars worth about $US500,000 each — all four of them.
The RBA now holds almost the entirety of the nation’s gold in vaults administered by the Bank of England.
Credit creation as espoused by social credit crusader Major CH Douglas before and after WW 2 has been around for centuries.
Charged with rebuilding a destroyed Japan after WW2, General Douglas MacArthur rebuilt its economy without borrowing external funds. He created the credit needed by issuing paper as do the central banks of every country. Japan turned into a powerhouse economy and led the industrialised world with manufacturing for decades.
Just as the Australian Treasury and the the Commonwealth Bank did for a century. Taxpayers should not be slugged to pay back the Jobseeker fund particularly as Frydenberg, a member of the Jewish fraternity, admitted $60 billion was created unnecessarily due to a book keeping error and not needed after the sums were done correctly.
This credit does not exist as legal tender, that is notes and coins, but as a blip in the Treasury computer.
He could use these created funds to complete construction of the Bradfield Scheme to water inland Australia, high speed rail and new generation, coal-fired, base power stations thus creating tens of thousands of meaningful jobs.
Bob Katter, MHR said ‘big brother’ was getting more and more powerful after a Senate inquiry recommended a Bill banning cash payments over $10,000.
“This would be absolutely disastrous for the senate to pass this at a time when people are trying desperately to get their money out of the banks and financial institutions,” said Mr Katter.
“If this passes and you want to get your money out of the banks you simply won’t be able to.”
Mr Katter said the Bill would have dire implications for small businesses during natural disasters when people are unable to use Eftpos due to power and internet outages.
“If you are running even a very small business, $10,000 a week is not an unreasonable figure. During Cyclone Larry Eftpos was down for more than a week,” Mr Katter said.
“It is extraordinary that the Government would consider such an intrusion and destruction of basic human rights and privacy.
“The Parliament has sold the entire nation off to foreign corporations, they’ve bankrupted agriculture and now this is the next step.
“In China there is one CCTV camera for every three people and they are now incorporating facial recognition. In Australia the only people who have guns are the people in uniforms.
“In the famous novels A Brave New World and 1984 they had two way cameras in every household. Well, now we aren’t too far off from that.”
Queensland Katter MP, Nick Dametto said the limit on cash payments would be another assault on Australians’ freedom to be able to conduct legitimate business in a manner of their own choosing.
“This has been sold to us as a way for the Federal Government to control tax evasion but in reality all it does is give way to more control from the major banking corporations,” said the Member for Hinchinbrook.
“Australian currency is owned by the people, not the banks, and it should not be up to the Federal Government to decide how you spend it.”
Ten years ago Australia had five car manufacturers, Ford, GMH, Toyota, Nissan and Mitsubishi.
Now we have none. All gone overseas and the reason given? Costs were to high. Funny in that the cars we are now importing (Malaysia etc) are no cheaper.
I remember back in 1968 living in Brisbane, when the 3 major cities back then were Sydney, Melbourne & Adelaide a nd Adelaide was the Industrial City.
Adelaide – South Australia, was where you went to work in the Iron Ore Industry, or where you could get a job making railway tracks for B.H.P.
You could get a job building ships, submarines, cars, washing machines, fridges, TV’s, Hills hoists, Victa Lawn Mowers or make tyres at Bridgestone tyres.
Lightburn Washing Machine Company even made a car called a Zeta. It was not much of a car, but at least it was Australian and we built it. I worked at Stanvac where we made our own Petrol, Diesel, Kerosene and Oil. We had Oil Rigs in Bass Straight, North West Shelf and the Timor Sea. We even had Australian owned Service Stations like (H.C. Sleigh) Golden Fleece and many of us young wanna-be mechanics back then worked as a driveway attendant. (Just like Stanley).
I remember catching a train from the city to Gawler and then on to Freeling, Hamley Bridge, Stockport, Riverton, up to Clare, Gladstone, Laura etc. And all these towns were bustling with activity, and on the weekends they were all open for business. Our shops were filled on every shelf with food and products all proudly made or grown, in Australia. Our fridge was full of Lamb Chops and Steaks because it was cheap as we were a huge Lamb and Beef growing Nation. And once a month Mum would make us all a delicacy! It was called a Sunday Roast Chicken.
I remember when we all had trade skills and high quality tools that would last and last. But most of all we had Mates. We as Australians watched each other’s backs even if we had not met yet, and we all said G’Day to everyone with a smile. Our kids could go anywhere they liked on their bikes, just as long as they were home before dark.
Australia was pretty safe back then. Yes, Australia was once a self supporting nation that had it all. It had Farms that produced our dairy, fruit & vegies and meats etc. And Politicians back then were known as Statesmen and they were voted by the people, for the people, on behalf of the people and did what the people wanted.
We had public utilities owned by us the people, that guaranteed our Electricity, Water and Sewage forever.
No one knew how much the Snowy Mountain Scheme cost, we just built it.
No one knew how much the Sydney Harbour Bridge or the Indian-Pacific railway cost!
WE JUST BUILT IT!
Then came CORPORATE GREED.
Now everything above has GONE.
Now we don’t watch each other’s backs anymore but watch each other through security bars, burglar alarms, and security screens.
Now we dob each other in.
Now we import poor quality processed food.
Now we import cheap tools that break just taking them out of the packet they come in.
Now we rely on ships to bring in our fuels.
Now we can’t afford our own Lamb or Beef anymore.
Now we eat steroid pumped chicken just about every day.
Now we import trade skill workers on 457 Visa’s.
Now we have high unemployment as nearly all of our Industry and Manufacturing has gone offshore.
Now we have that many Laws that we have just about outlawed ourselves.
But I guess we need even more laws, so now we will have Sharia Law as well. We now pay for water that falls out of the sky at $3.80 a litre.
Now we have taxes for everything.
Taxes for carbon, taxes for sake of having taxes, (They call them Levy’s).
And don’t forget the newest tax is the ISLAMIC TAX (Halal Certification)
Now here in South Australia in our towns we have Railway Stations and railway tracks, but no trains.
We have Public Bus Stops in our Towns but no buses. We have Hospitals and Clinics but very few Doctors or Nurses.
We all have Mobile Phones, and have little to no reception.
We have Digital TV’s with Bugger all Signal in the country.
And the worst of all, is our once great nation is being sold off, piece by piece to every other country on earth, except us.
Tis very sad but very true! Enjoy whats left while you can?
The Australia we knew when growing up is now STUFFED!!!
-from Gary Matthews
from CEC, Melbourne
After ramming his $10,000 cash ban law through the House of Representatives last week, Scott Morrison is now trying to pretend he has responded to concerns about his cash ban, by releasing a set of “rules” that exempt many activities from the ban.
(This legislation is yet to clear the senate.Ed)
Shane Wright reported in the 28 October Sydney Morning Herald: “The Morrison government has sought to head off internal and crossbench anger over plans to forbid cash payments of $10,000 or more, outlining a string of exclusions it says will protect those who still want to use notes and cents.
“Rules governing new laws around large cash payments make it clear they will exclude gifts, private transactions such as used car sales and situations where people have no other way to pay but via cash.”
It is not true that Morrison is softening the law with these rules. They were always planned to be attached to the law, as a ploy to make the ban initially more acceptable.
The problem is that all the rules providing exemptions to the cash ban are in a separate legislative instrument, and not in the bill itself. This means that the Minister can change the rules at any time, without a vote in Parliament. While the Parliament can disallow the Minister’s changes, it has a strict time limit on doing so, which limits the ability of the public to have a say in the changes and gives the Minister the advantage in making changes.
In other words, the rules are not real protections at all, but exemptions that can be temporary, and easily removed to make the ban more draconian.
The bill itself, which does require a parliamentary vote to change, is an absolute ban on all transactions over $10,000.
Even the ‘myths’ are lies
Demonstrating how disingenuous the government is being over this law, Treasury has issued a “Fact Sheet—addressing the myths about the cash payment limit”.
The so-called “myths” listed in the fact sheet have nothing to do with the main objections to the law.
The Government’s “myths” are:
- Cash cannot be used for everyday transactions.
- Family members cannot give cash gifts.
- Private individuals cannot buy or sell second-hand goods using cash.
- People are required to store money in the bank.
- People are no longer able to deposit or withdraw cash from their bank account.
- The Government can amend the Bill for the cash limit without scrutiny by the Senate.
In denying all these claims, the government fails to mention that they are only false because they are exempted under the rules, which can be changed at any time. They are not exempted in the legislation, which requires a Parliamentary vote to change. As independent researcher Melissa Harrison from exposingtheblackeconomyreport.com asked: “Why is the government not being upfront about this?”
The government’s fact sheet doesn’t address the main objections to the law, because the government cannot answer them. They prove the government’s excuses for this law to be false.
The government claims the cash ban is necessary to eliminate the black economy and reduce tax evasion.
In truth, as proven by studies of the global black economy by Leandro Medina and Friedrich Schneider published by the IMF, Australia doesn’t have a serious black economy problem; the black economy we do have is already shrinking without any cash ban, having halved since 1991; and comparable countries with cash restrictions have much bigger black economies.
As for tax evasion, it is false to blame tax evasion on individuals using cash. Real tax evasion is perpetrated on a massive scale by multinational corporations and banks, and ultra-rich individuals, using the Big Four global accounting firms and the global network of offshore tax havens. This is how Netflix can pay less than $500,000 tax in Australia, on revenue of almost a billion dollars. It is especially outrageous that this cash ban was recommended by a former global boss of one of the Big Four accounting firms, KPMG, which is up to its ears in real tax evasion, and that KPMG is already lobbying to reduce the limit from $10,000 to $2,000.
It is now proven that the real reason for the cash ban, which the government doesn’t want to acknowledge, is not a “conspiracy theory”, but is a recommendation from the IMF which can be read in black and white: cash must be restricted to make negative interest rates work. Countries all over the world are either at negative interest rates or close to, and the IMF has recommended cash restrictions to trap people in banks so they are forced to pay the banks to look after their money.
Another reason to trap people in banks is so they cannot escape “bail-in”, which is when deposits are seized to prop up failing banks.
Independent MP Andrew Wilkie cited this evidence, including the need to ban cash to make negative interest rates work, in his speech in Parliament on 24 October opposing the cash ban. He also proved that the government is not interested in really eliminating money laundering, as it has ignored Wilkie’s evidence of money laundering at Crown Casino. Most importantly, Wilkie made the point that the government has all the laws it needs to crack down on the real black economy, it just doesn’t enforce them.
The government is trying to dodge the issue because of the huge backlash it has received against this law, which has sparked a mutiny even within its own Liberal Party ranks. We must keep the heat on!
What you can do: