ISSUE
Friday, August 15, 2025
Volume 16 . Issue 72
Looks like Australia is set to follow India’s footsteps by scrapping $100 note—country’s highest-denomination banknote—to crack down on “black economy”
Speaking to ABC radio on Wednesday, December 14 Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the Australian government looks to recoup billions in unpaid tax.
Monday’s midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.
Ms O’Dwyer told the ABC not only is the lost revenue owed to the Australian people for schools and hospitals, but it is also critical for those who do the right thing and pay tax.
“The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes,” she said.
Despite the broad use of electronic forms of payment, Ms O’Dwyer warned there are three times as many $100 notes in circulation than $5 notes.
There are currently 300 million $100 notes in circulation, and 92 per cent of all currency by value is in $50 and $100 notes.
The minister would not rule out the removal of the $100 note, saying it was up to the expert panel to provide recommendations.
India last month demonetised the country’s two highest-denomination banknotes in a bid to crack down on "black money", sparking chaotic scenes.
Prime Minister Narendra Modi sent shockwaves through the country by announcing on November 8 that all 500- and 1000-rupee—about 85 per cent of all bills in circulation—would cease to be legal tender within hours.
Earlier this year, Australian Prime Minister Malcolm Turnbull said he was open to scrapping the 5c coin, after Treasurer Scott Morrison was grilled by news.com.au.
(Source: news.com.au)
Looks like Australia is set to follow India’s footsteps by scrapping $100 note—country’s highest-denomination banknote—to crack down on “black economy”
Speaking to ABC radio on Wednesday, December 14 Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash...
Looks like Australia is set to follow India’s footsteps by scrapping $100 note—country’s highest-denomination banknote—to crack down on “black economy”
Speaking to ABC radio on Wednesday, December 14 Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the Australian government looks to recoup billions in unpaid tax.
Monday’s midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.
Ms O’Dwyer told the ABC not only is the lost revenue owed to the Australian people for schools and hospitals, but it is also critical for those who do the right thing and pay tax.
“The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes,” she said.
Despite the broad use of electronic forms of payment, Ms O’Dwyer warned there are three times as many $100 notes in circulation than $5 notes.
There are currently 300 million $100 notes in circulation, and 92 per cent of all currency by value is in $50 and $100 notes.
The minister would not rule out the removal of the $100 note, saying it was up to the expert panel to provide recommendations.
India last month demonetised the country’s two highest-denomination banknotes in a bid to crack down on "black money", sparking chaotic scenes.
Prime Minister Narendra Modi sent shockwaves through the country by announcing on November 8 that all 500- and 1000-rupee—about 85 per cent of all bills in circulation—would cease to be legal tender within hours.
Earlier this year, Australian Prime Minister Malcolm Turnbull said he was open to scrapping the 5c coin, after Treasurer Scott Morrison was grilled by news.com.au.
(Source: news.com.au)
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