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An Anonymous Coward writes:

Australian senators who are tired of people spending their own money using cash want to put a stop to it with an audacious plan to limit cash transactions to $10,000 with a penalty of jail time for anyone who oversteps [news.com.au]. This may sound a bit harsh, but really want they want to crack down on is the so-called 'black market' of cash transactions and dodgy people like drug dealers who have wads of cash stacked away and of course criminals who buy houses with suitcases of bills and then sell the house a while later effectively cleaning the money. The first iteration of the proposal copped significant flak as personal transactions, such as buying a car, would be caught in the net. The Australian government has been clear about its intention to move society to cashless payments which benefits the government in many ways. Already in place are systems to force house buyers to lodge monies for properties with an escrow service (PEXA) where their money can be stolen [smh.com.au] with no recourse and no way to avoid the system.

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