The Government's move to ban cash payments over $10,000 has been slammed as a 'ridiculous' measure designed to give banks 'complete control' over the economy.
Copying the economic idiocy of India's Prime Minster Modi Scott Morrison announced the controversial cash cap during his third Budget speech in Canberra on Tuesday night.
Payments of more than $10,000 for goods or services will have to be made through an electronic payment system or with a cheque from July 1, 2019.
'It's the start of a cashless society. The banks and the governments will tax every transaction - we don't want that to happen,' one disgruntled Australian wrote online.
'I love it when banks and the government control how I use my money to make transactions,' another said in jest.
'The big winner is the banks. Either through taking percentages of payments or investing the money that is deposited,' a third argued'
Newstart payments are expected to cost the budget $11 billion next year and will decrease in real terms by 10.8 per cent this year before increasing by 9.1 per cent from 2018-19 to 2021-22.
The government will save a further $200 million by making migrants wait four years before they can access some welfare benefits, and state revenues are expected to benefit from compulsory deductions from welfare recipients who don't pay fines.
Copying the economic idiocy of India's Prime Minster Modi Scott Morrison announced the controversial cash cap during his third Budget speech in Canberra on Tuesday night.
Payments of more than $10,000 for goods or services will have to be made through an electronic payment system or with a cheque from July 1, 2019.
'It's the start of a cashless society. The banks and the governments will tax every transaction - we don't want that to happen,' one disgruntled Australian wrote online.
'I love it when banks and the government control how I use my money to make transactions,' another said in jest.
'The big winner is the banks. Either through taking percentages of payments or investing the money that is deposited,' a third argued'
Newstart payments are expected to cost the budget $11 billion next year and will decrease in real terms by 10.8 per cent this year before increasing by 9.1 per cent from 2018-19 to 2021-22.
The government will save a further $200 million by making migrants wait four years before they can access some welfare benefits, and state revenues are expected to benefit from compulsory deductions from welfare recipients who don't pay fines.
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