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‘It’s a dog of a bill’: Ban on large cash payments likely to become law

There are fears a bill banning cash payments over $10,000 will be passed, hurting small businesses.

Under the proposed legislation, anyone caught using more than the limit would face a two-year jail sentence.

The ban came about as after a recommendation from the Government’s Black Economy Taskforce and is designed to crack down on crime syndicates, tax evaders and money launderers using cash to buy cars, houses and jewellery.

One Nation Senator Malcolm Roberts tells Alan Jones it’s only going to hurt small businesses and everyday people.

“It forces us to go to banks to make transactions to transfer money electronically and that means we have to pay fees.

“It’s a dog of a bill, it really is a black eye for the government.”

The legislation has been waved through the lower house by Labor and looks likely to be passed through the Senate and become law.

Alan Jones has slammed the move, saying it’s just going to put more money in the pockets of the big banks.

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