The Australian government plans to crack down on the ‘black economy’ by implanting $100 and $50 notes with hi-tech nano-chips so they can be surveilled.
No this isn’t a futuristic Hollywood movie, this is Australia in 2017.
With around 300 million $100 notes in circulation carrying out such a task seems almost impossible to derive any value, let alone a waste of time and tax payer money.
Especially at a time when Australia’s household debt-to-income is at an all time high.
Nevertheless Michael Andrew, the man appointed by the Federal government to lead the ‘Black Economy Taskforce’ at the end of 2016 believes tracking the currency denomination is the best solution in stopping unwanted transactions from taking place and people avoiding paying tax.
According to the The Treasury the black economy:
“…refers to people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations.”
That sounds good and well until we read on to find out who these people targeted by the agency actually are and how they seem to think $100 note is to blame.
Mr Andrew claims that the $100 note should be tracked with nanotechnology due to:
This government created Black Economy Taskforce wants us to believe that Grandma is hoarding hundreds of thousands of dollars under her mattress in stacks of $100 notes.
Perhaps these pensioners, if they even are hoarding money (which is not illegal in itself), are doing so because the federal government is hiring people like Mr Andrew with our tax money to work out ways the public can be further surveilled and tracked.
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