Government urged to lower cash payment limit to $2,000

Tuesday 3 July 2018

Accountancy firm KPMG has advised the Government to lower its cash payment limit well below the $10,000 announced in the May Budget, in a bid to thwart the so-called ‘black economy’:

In a submission to a consultation paper seeking input on the implementation of the $10,000 limit announced in May’s Federal Budget, Big Four accounting firm KPMG said the proposal didn’t go far enough.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.