Evidence provided to a Senate Inquiry concerning the "Currency (Restriction on the Use of Cash) Bill 2019" (Cash-ban) revealed that banks are refusing all services to businesses that are lawful but are considered morally inferior by the banks.
This practice is known as de-banking and I struggle to think of a lawful business that is morally below the banks and laws must be introduced to stop this practice.
De-banking is yet another example of abuse of power and this power must be curtailed and not continuously expanded as promoted by both major political parties.
The 'cash-ban' bill will limit the size of cash transactions to an arbitrary limit of $10,000 but over time, this will be stepped down to a proposed $2000. This law will trap more cash at the banks, giving them yet more power, and will make both 'negative interest rates' and 'Bail-in' more effective for the banks. Bail-in is the term used for the conversion of your ordinary bank deposits into shares without your permission or knowledge with this theft being permitted when a bank is under stress and when the shares are worthless. This theft was made legal through a law that was passed in 2008 with praise from both major parties.
The 'Cash Ban' bill has attracting considerable criticism from business groups such as the Australian Chamber of Commerce and Industry (ACCI), the NSW Farmers' Association, the Institute of Public Affairs and even from the Victorian rank-and-file Liberal party members with 97 per cent of about 400 members voting against this bill and threatening preselection challenges. This bill has also aggravated the general public as demonstrated by the 6100 submissions to two Inquiries.
Unless you trust the banking system, you need to stop this rot by contacting your MP and Senators and demand that they vote against the "Currency (Restriction on the Use of Cash) Bill 2019.