Edited 14 Dec 2016 10:57, 5 years ago, edited by don_dunstan

It's official, the $100 note is doomed.

The Financial Review is reporting today that the Turnbull government will create a "cash economy" taskforce headed by KPMG executive Michael Andrew, and Financial Services Minister Kelly O'Dwyer has already confirmed that the $100 note is in their sights:

“We’ve got three times as many $100 notes in circulation as $5 notes and we’ve got about $30 billion worth of $100 notes in circulation at a time when increasingly we have people more and more using electronic payment systems,” she said.

“It does beg the question ‘why’ and that’s something the black economy taskforce will focus on."

As I have said before, I think the renewed interest in removing cash from the economy is really more about forcing people to use banking systems and services more than trying to stamp out illicit drug money or welfare fraud; we have a former Goldman Sachs exec as our CEO after all.