Plan to track miss­ing $ 100 notes

Townsville Bulletin - - NEWS -

AUS­TRALIA’S dis­ap­pear­ing $ 100 notes, many hoarded un­der the beds of pen­sion­ers and stock­piled in China, would be tracked by a hi- tech nanochip un­der a plan flagged by the man ap­pointed to crack down on the black 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. Mr An­drew, ap­pointed by the Fed­eral Gov­ern­ment to the Black Econ­omy Task­force in De­cem­ber last year, re­vealed Chi­nese ci­ti­zens were tak­ing Aus­tralian $ 100 notes 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.

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.

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

Mr An­drew’s fi­nal re­port is due in Oc­to­ber.


Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.