Plan to track missing $ 100 notes
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.