They're saying all existing notes will become invalid after 2 years (or potentially make them worth 10% less each year, until they're worth zero after a decade). Anyone know what the legal status of the pre-polymer Australian notes is? Are they still legal tender? +1 to this.
I hate having a wallet full of small notes. I used to go out of my way to use a Commonwealth ATM in Martin Place that issued $100 notes. They renovated the site and I stopped going there as I couldn't find another C/Wealth ATM that issued them. I wonder if the site has reopened with it's ATM yet. I recently had a landlord who liked payment in cash. To say she appreciated $100 notes in rent was an understatement. I never use a card or credit at the supermarket. I want to be as anonymous as possible to those leaches. If the banks would put them out in ATM's at more locations, the velocity of $100 notes would increase. Obviously I don't want to buy one can of cola at a convenience store, but buy something worth $120 at a small business or spend that on a good restaurant meal, obviously they will use that to pay any suppliers that still deal in cash. And on it goes. Getting rid of the notes will be a pain.
I bought 6kg of silver from a Sydney dealer once with 20 dollar notes. It was hell on earth. I was literally seeing red by the end.
Ha, try living in Indonesia where the largest currency note is equal to $10. Then go and buy a car or even a house, property transactions there are always transacted in cash.
This is the first stage to phase out cash. The RBA recommendation on money laundering is a big BS. This is all about taxes. They will also know exactly how and where every cent you spent, and if you didn't spent them all then negative interest rate would work nicely.
How do those without the capacity to use electronic forms of cash participate? We have a group in at the moment on respite care, some of them are flat out knowing their names let alone a pin number. They all use cash.
Does the OP have an official transcript of the NGB submission, or better yet, video recording? The closest I've been able to find is this: http://www.rba.gov.au/publications/bulletin/2014/mar/pdf/bu-0314-1.pdf That was mostly about the NGB program and attempts at counterfeiting RBA notes. If I'm understanding correctly, this submission remains only a proposal. The last published NGB publication included a redesigned $100 RBA note. Would a change like this require an Act of Parliament? I honestly don't know. Personally, I don't see this proposal getting any traction in the immediate future (0-24 months). As an institution, the RBA follows the lead of North American central banks. Call it 'intellectual influence'. As both US and Canada have both released new $100 notes post-2000, I wouldn't bet a single AUD $100 bill that the 'hundie' getting the chop just yet.
So let's throw a question to the King Cashers 'round here. Do you feel comfortable with the $100 notes awaiting crisis panic sales under your pillow? This Australia story about exceptionally high numbers 'big' notes, isn't unique. It happened/happens everywhere in the world. Just look at the Federal Reserves currency balance http://research.stlouisfed.org/fred2/data/CURRENCY.txt, the BEP production: FY 1999 $100 1,542,400,000 FY 2001 $100 201,600,000 FY 2002 $100 604,800,000 FY 2003 $100 854,400,000 FY 2004 $100 515,200,000 FY 2005 $100 668,800,000 FY 2006 $100 950,400,000 FY 2007 $100 1,088,000,000 Average rate: 803,200,000 per year FY 2008 $100 1,209,600,000 FY 2009 $100 1,785,600,000 FY 2010 $100 1,907,200,000 FY 2011 $100 723,200,000 FY 2012 $100 3,027,200,000 Average rate: 1,730,560 per year. So, the USD $100 bills production rate more than doubled. http://www.eurotracer.net/information/notes.php Look at the 2009 figures. The 100 production, and the total value of all notes, was only bigger the year that the euro came into existence. And it wasn't replacement, the table below shows them, and 2009 was no different than other years. Last year someone lost a pile cash while driving a car. Several 100,000 floated around on the street. That was 1 of those King Cashes signaled. There were many followup articles, since alot people ran out their houses to get some, and it took some time figuring out who got how much and to get it back.
Went and bought some bullion the other day, and the seller just weighed the first bundle of plastic, and went from there. No calculators or anything. Then went and had a beer with him, and received a real education. Gee I love this forum for practicality.
Trust us we are bankers ... no thanks ... The RBA is still embroiled in their note printing scandal. Money laundering? Counterfeiting? Maybe mass printing notes in a factory turns out seconds/imperfects and happen to turn up in circulation anyway ... who knows ... but the matter is subject to a Victorian Supreme Court supression order banning further reporting of this corruption case ... "With this order, the worst in living memory, the Australian government is not just gagging the Australian press, it is blindfolding the Australian public. This is not simply a question of the Australian government failing to give this international corruption case the public scrutiny it is due. Foreign Minister Julie Bishop must explain why she is threatening every Australian with imprisonment in an attempt to cover up an embarrassing corruption scandal involving the Australian government." read more at https://wikileaks.org/aus-suppression-order/press.html http://www.crikey.com.au/2014/08/01...tion-another-twist-in-a-long-running-scandal/
Physical currency is only a fraction of the total money supply. Why do people even believe the rubbish the bankers spruik is beyond me ....
