Trrrrrrrrrrrust me, I am a bank

[Tiger650]

https://www.abc.net.au/news/2019-08-20/ ... l/11429230

My personal super fund got ripped off by Bankers Trust / Westpac for $12K last year, straight up "unconscionable conduct" on their behalf but they have the "regulating authority" [APRA] at heel.

The Royal Commission into behavior of banks was a taxpayer funded feast for Lawyers and things are still headed South for your average honest bloke.

The new crime of "hoarding cash" will be real and if you kick over the traces you could easily go from financially secure to penniless at the whim of a totally unaccountable system.

"Privatization" of Australia's monetary system ex that low ba$tard Keating and other state level fellow travelers who hocked individual state banks and the Commonwealth Bank was treason.

I wonder at the coincidence of all the State Banks becoming unenviable prior to the feds selling the Commonwealth Bank.

The aim is to abolish cash and have us all inseparably hitched to a financial cartel.

Slavery.

[Stix]

Yes...yes it is...but we already live it...

I hear this afternoon the govt want to make cash transactions over 10k illegal...!!...WTF...!!!

Hows that for railroading us into a corner & giving the banks even more power...!!

[duncan61]

I was sorting out my affairs and found I could cash my super in I made it by a few months.Born 1961 and 58 years old.I have my money with me.I remember super being invented.I am confidant that if everyone tried to cash their super in there is no money there to pay its all a work of fiction

[Oldbloke]

Soooo.... Most of the "industry" funds got a big tick by the commission. (much to the disgust of the liberal, nationals) It was the other funds that were ripping off the workers.

When will prople realize the lib,nats only look after big bussiness. And them selves of course. Never been any different.

[on_one_wheel]

I haven't double checked yet, but I heared they've stopped printing $100 notes.

Cash payments of 10,000 dollars or more is now banned.

That figure will be chipped away at and lowered soon enough.

Basicly the Government knows our fiat dollar is in serious trouble, it's on the brink of collapse and they're fighting hard for maximum financial controll of our lives, you know..." to stop crime and tax fraud."

New "money" is being pumped into the economy at an amazing rate deflating the dollar. Good old QE (quantitative easing)
Heading towards negative interest rates and constant talk of banning cash are all very bad signs for the economy.

Even though it's nice to have the freedom to, hording cash isn't a great thing to do.

Keeping a few months worth is smart, but beyond that, inflation is slowly but surely killing the buying power of your savings.

Mininise debt to avoid paying intrest, Blue ribbon shares that pay a good dividend funny enough bank shares are one of the best and safest here and consider some precious metals as a secure store of wealth.
When our fiat falls on it's proverbial backside, your PM will be worth a fortune.


https://youtu.be/iFDe5kUUyT0

[Tiger650]

Soooo.... Most of the "industry" funds got a big tick by the commission. (much to the disgust of the liberal, nationals) It was the other funds that were ripping off the workers.

When will prople realize the lib,nats only look after big bussiness. And them selves of course. Never been any different.

'Tis all of them Oldbloke, Keating and Joan Kirner were the major offenders, attempting to paint the Libs and Nats as the exclusive bad guys is not credible.

Both "sides" of the Aust political system work for masters other than we, criticism of one lot only shows perhaps naivete or perhaps ignorance or perhaps self interest.

[duncan61]

I met a lady who lived in East Germany through the 70s and 80s you reckon you would prefer that can of worms where family members go missing and there is no recourse.How about Brunei where the population are not allowed to dance or drink coke.We have it pretty good here and how easy is it to slate off Politicians

[Ziad]

Omg this thread is funny... it doesn't make sense.

Last time I checked I never seen near 10k in cash in one location.... but what's more funny is what stopping joe kreps his money under his pillow, couldn't he just make 2 payments of $9500 in cash to buy his fancy diamond ring worth 19k....or 9k in cash and 11k including GST via bank transfer

[on_one_wheel]

Omg this thread is funny... it doesn't make sense.

Last time I checked I never seen near 10k in cash in one location.... but what's more funny is what stopping joe kreps his money under his pillow, couldn't he just make 2 payments of $9500 in cash to buy his fancy diamond ring worth 19k....or 9k in cash and 11k including GST via bank transfer

Yep Joe can, till they lower the max to 5k... which they will.
The last 2 vehicles I bought were both cash deals, both well over 10k.

Are you happy to selll your vehicle that you paid over 50k for new, and then have to declare that money as income when you sell it privately for 30k and pay tax on it? EFT Or would you rather just get cash and call it a done deal?

How about the old garrage sale? Better pay your tax on that to, it's an income and you can't hide it in a eft. Id rarher get a few folding notes thanks.

It's the pointy end of the wedge, perhaps you'll moan when cash is no longer an option and the power is out or the internet just decided to stop working?

I wouldn't expect most millennials to understand, most of us who received our first pay-packets as a ward of cash certainly do.

[TassieTiger]

Ive Bought a few wrecks over the years to repair and sell to try and gain a few extra dollars here and there...it costs a lot of time and money. If the govt ends up wanting to tax things like personal resales that make money...geeez....black markets will go nuts as will bitcoin transactions!

[gordicans]

As soon as I found out that banks don't like cash transactions (more labour intensive for them plus a few other reasons) I started doing as many of my transactions in cash as I possibly could. It has the added benefit of making the process of checking your bank statements much much simpler.

Yes oldboy, it's ironic that the government is going after the industry super funds when they are outperforming the retail funds by a large margin. Our political system sucks. Getting rid of political donations and having publicly funded elections would go a long way to helping correct our corrupt system.

[Ziad]

Mate specifically private vehicle sales are not included at this time, and I doubt they can stop cash completely, as they earn an income from printing notes (bet you didn't know that). Also I don't think i know many people who would have 50k in cash under their mattres... if you want cash they would have to pull out the 50k from bank and 100% the bank has already notified the withdrawal to AUSTRAC. And will you put that 50k under your mattress? No it will eventually reach the bank, and what are the chances you will want to make 6 trips to the bank to deposit under the 10k current magic limit to report to AUSTRAC. Naa mostly you who'll just make 1 trip deposit 50k and bingo they already knows you got 50k for the car. And btw did you forget that vicroads already notified ATO that person B transferred a vehicle for 50k from you.....ffs making a mountain out of a molehill

As I said you guys are over thinking to much.... remember it's a bureaucracy they don't want to do extra work anyway....and just like guns only law abiding people will do the right thing....ie will not stop the criminals or people with bad intentions as they will work around it.

[Ziad]

ATO already says it does extensive data matching to identify people who are operating in the black economy.... only if the government gave them extra midsummer to hire people to audit everyone.... in reality every year every government keeps yanking more money out of their budget... so they fire more people every year

[JSS]

Omg this thread is funny... it doesn't make sense.

Last time I checked I never seen near 10k in cash in one location.... but what's more funny is what stopping joe kreps his money under his pillow, couldn't he just make 2 payments of $9500 in cash to buy his fancy diamond ring worth 19k....or 9k in cash and 11k including GST via bank transfer

Yep Joe can, till they lower the max to 5k... which they will.
The last 2 vehicles I bought were both cash deals, both well over 10k.

Are you happy to selll your vehicle that you paid over 50k for new, and then have to declare that money as income when you sell it privately for 30k and pay tax on it? EFT Or would you rather just get cash and call it a done deal?

How about the old garrage sale? Better pay your tax on that to, it's an income and you can't hide it in a eft. Id rarher get a few folding notes thanks.

It's the pointy end of the wedge, perhaps you'll moan when cash is no longer an option and the power is out or the internet just decided to stop working?

I wouldn't expect most millennials to understand, most of us who received our first pay-packets as a ward of cash certainly do.

On _one_wheel this claim you're making about a 10k cash withdrawal ban is absolute rubbish. You can withdraw as much as you like, for larger amounts like 10k or over, they just normally ask you for 24-48hrs notice but that's it. The fact is anything over 10k in cash they are required to report it to the ato but that's as far as it goes. I rang them a couple of months back and ordered 30k, they asked if 48hrs was ok and it was there in two days. last year with 24hrs notice i pulled out 80k in cash to but a caravan, we were travelling south on a road trip and decided to buy one while we were down Melbourne way, i wanted extra bargaining power and a quick and easy same day purchase & pickup so cash was best.
I love the idea of cash and use it as much as i can, more people should use it more often or we are going to lose it.

[Oldbloke]

Soooo.... Most of the "industry" funds got a big tick by the commission. (much to the disgust of the liberal, nationals) It was the other funds that were ripping off the workers.

When will prople realize the lib,nats only look after big bussiness. And them selves of course. Never been any different.

'Tis all of them Oldbloke, Keating and Joan Kirner were the major offenders, attempting to paint the Libs and Nats as the exclusive bad guys is not credible.

Both "sides" of the Aust political system work for masters other than we, criticism of one lot only shows perhaps naivete or perhaps ignorance or perhaps self interest.

Agree. Some are just worse than others. Who introduced super?

[JSS]

Soooo.... Most of the "industry" funds got a big tick by the commission. (much to the disgust of the liberal, nationals) It was the other funds that were ripping off the workers.

When will prople realize the lib,nats only look after big bussiness. And them selves of course. Never been any different.

'Tis all of them Oldbloke, Keating and Joan Kirner were the major offenders, attempting to paint the Libs and Nats as the exclusive bad guys is not credible.

Both "sides" of the Aust political system work for masters other than we, criticism of one lot only shows perhaps naivete or perhaps ignorance or perhaps self interest.

Agree. Some are just worse than others. Who introduced super?

Bob Hawke got it started in the 80's and it was further worked on after that by the Keating govenment.

[Stix]

Soooo.... Most of the "industry" funds got a big tick by the commission. (much to the disgust of the liberal, nationals) It was the other funds that were ripping off the workers.

When will prople realize the lib,nats only look after big bussiness. And them selves of course. Never been any different.

'Tis all of them Oldbloke, Keating and Joan Kirner were the major offenders, attempting to paint the Libs and Nats as the exclusive bad guys is not credible.

Both "sides" of the Aust political system work for masters other than we, criticism of one lot only shows perhaps naivete or perhaps ignorance or perhaps self interest.

Agree. Some are just worse than others. Who introduced super?

And who introduced GST...& Medicare...etc..etc...
Why turn this into a politicsl party/labour are better than libs/nats arguement...

[Bill]

$10k limit will eventually be reduced to $5k then $2k just like some overseas countries.

the removal of this freedom just forces us all into the corrupt Banking system where they can cream extra fee etc from us all.

Scomo is a loose cannon that needs to be pushed overboard