The Federal Government’s Currency (Restrictions on the Use of Cash) Bill 2019 is a fraud and needs to be withdrawn if Australia wants to remain a democratic nation, Australia One leader Riccardo Bosi said today.
The Government intends to introduce the bill that bans all cash transactions of more than $10,000.
“While it may combat the black economy up to a point, its main purpose is to trap Australians into using banks,” Mr Bosi said.
He said the recent revelation concerning Westpac is proof enough for many Australians to believe our banks are no more than vast criminal enterprises, protected by the government from proper accountability.
“Many Australians would like to avoid them altogether,” he said.
“And if this legislation is passed, every Australian will be forced into doing more transactions through banks or face prosecution.
“Even 95 per cent of delegates at the recent Liberal Party Victorian Council meeting in Ballarat voted in favour of the Government withdrawing this bill.
“This is yet another case of our Government’s strings being pulled by the United Nations and its plan for a cashless world under its control.
“Cash is the only risk-free form of money for those who don’t want to go into debt or pay interest, unlike the money that is created through bank credit.
“The Government claims that Australia is falling behind under this New World Order, but it misses the point that it is consumer demand driving the use of credit cards, e-commerce, electronic and digital payment services.”
Mr Bosi said it was a Coalition Government that gave us the GST, which was meant to replace a raft of less efficient taxes and keep the states liquid, but taxation receipts last year were equivalent to more than 30 per cent of GDP, up 3 per cent on the previous 10 years, and average household debt was now 190 per cent of disposable income.
“Lamenting the good old days before the credit boom of the 1970s will do nothing to get our households out of debt, for home ownership, or for workers to take more money home through lower taxation,” he said.
“And nothing to stop us importing consumers from all over the world to keep our immigration-fuelled debt-expansion-driven Ponzi scheme of an economy chugging along.
“Commercial banks will always pursue lending opportunities that minimise their risk and maximise their reward, and newly created money from this lending activity will always end up in real estate and financial markets before it gets to the manufacturers, small businesses and farmers.”
Mr Bosi said a responsible government must work to correct such imbalances through a monetary policy that must not be limited to the interest-rate trigger.
He suggested the Government should explore the use of Central Bank Digital Cash being issued by the Reserve Bank of Australia alongside notes and coins.
“If people want to hold their digital cash outside the banking system, it would be their right to choose and if banks want to hold more cash in deposit accounts, they can offer competitive rates for the privilege,” he said.
“Without CDBC, the supply of electronic money will essentially remain privatised and driven by commercial profit considerations.
“Rather than agonising over what the RBA should do when the next couple of interest rate cuts don’t have the desired effect of boosting consumer and investor confidence, perhaps Australia should take heed of RBA Governor Philip Lowe’s sentiments that buying private-sector assets is not the way to go.
“Government should instead take a good hard look at itself and cut the red and green tape that is crippling productive industry.
“Water licences, emissions trading schemes, convoluted environmental planning laws are just three of the real blockers to investment because no country can plan to invest and grow if it is unable to forecast the future availability and cost of such essentials as energy and water.
“Nor should any sensible government rely on bureaucrats to decide if a plan stacks up environmentally, when it is the Government taking all the risk.”
Mr Bosi said bold adjustments to policy and real action from politicians is what was needed, rather than pandering to a vocal minority that would oppose such changes in the short term.
“We pay our governments to protect the long-term interests of all Australians, not to satisfy minority interest groups,” he said.
“But for the Government to do this will mean putting aside petty political point scoring, engaging in real debate and doing what is best for those “quiet Australians” who took the least bad option and elected a Coalition Government.
“If the current crop of Coalition ministers and can’t or won’t do it, Australia One will.