The Budget contained recommendations from the Black Economy Taskforce which will be implemented targeting sectors where there is higher risk of under reporting of income, which is expected to reap $5.3 billion in additional revenue over four years. These measures include outlawing large cash payments of greater than $10,000 in the Australian economy.
The most obvious place to start for the impacts is Australia’s greatest money laundering machine: real estate. In particular, one can ask what will happen to all of those dodgy Chinese buyers and their “suitcases of cash”?
The AFR puts on brave face led by the ubiquitous Monica Tu:
