Cashless society

[Dona Ferentes]

thanks paperboy, for the generosity of your spirit.

Actually, i was browsing in a street library, but i didn't want to appear elitist . And the book was
True Confessions of an Albino Terrorist
by Breyten Breytenbach (1984)

but nothing like jumping in with your moral certitude.

 

[Value Collector]

thanks paperboy, for the generosity of your spirit.

Actually, i was browsing in a street library, but i didn't want to appear elitist . And the book was
True Confessions of an Albino Terrorist
by Breyten Breytenbach (1984)

but nothing like jumping in with your moral certitude.

You did say it was a shop, and you should be able to see by my "HAHAHA" I was joking, but you seem a little hung up on my playful signature, about it starting with delivering papers.

I‘ll just point out that it’s not actually referring to myself so much, but it’s a melding of the origins of two of my Heros. Eg Walt Disney and Warren Buffett.

Warren Buffett famously started his fortune by delivering news papers, while Walt Disney made the famous quote I was copying about it all starting with a mouse.

So I am kinda of glad I started by delivering news papers because I am in good company , because both Warren and Walt were paper boys

 

[divs4ever]

You did say it was a shop, and you should be able to see by my "HAHAHA" I was joking, but you seem a little hung up on my playful signature, about it starting with delivering papers.

I‘ll just point out that it’s not actually referring to myself so much, but it’s a melding of the origins of two of my Heros. Eg Walt Disney and Warren Buffett.

Warren Buffett famously started his fortune by delivering news papers, while Walt Disney made the famous quote I was copying about it all starting with a mouse.

So I am kinda of glad I started by delivering news papers because I am in good company , because both Warren and Walt were paper boys

View attachment 173355View attachment 173356

actually delivering papers was my third hustle ( i started my own side-gigs in primary school ,without my parents guessing )

i hope that doesn't tarnish the ex-paperboys club

 

[farmerge]

That will be I would suggest the easiest $200 you would have made for some time. !!!!!

 

[Dona Ferentes]

From the RBA on redeeming old bank notes and reads in part:

having an account with the major bank, I went to local branch, and we filled out a form .... money and form sent off to RBA for authentication, ... then should get spec deposited soon.

Kid on the desk hadn't seen anything other than polymer notes, so he kept trotting off to the old hand.

 

[JohnDe]

CBA boss Matt Comyn has some good ideas, shame he had to spoil it by including controls on cash payments.

CBA boss calls for tax overhaul, $500 cash payment ban, to boost stagnant economy

CBA boss Matt Comyn has issued a bold call for sweeping tax reforms, urging the government to drastically simplify income taxes, raise the GST, ban cash payments above a threshold and impose a levy on technology giants in order to revive Australia’s flagging economic prospects.

In what he described as a “blunt” prescription, the CBA boss also joined calls from other big bank chiefs to extend election cycles to four terms to provide policy certainty.

The head of the nation’s largest lender argued that turning around Australia’s projected long-term growth slowdown required a focus on “growing the pie, international competitiveness dynamism, and supporting both the mobility of labour and capital across the economy”.

His proposed remedy centred on an overhaul of the nation’s tax settings and other radical reform options, including banning cash payments over $500, which he said would curb black economy tax leakage.

In his proposal, personal income would face a simplified four-tier structure, and “inefficient” state payroll taxes and stamp duties would also be scrapped.

Mr Comyn acknowledged his radical tax overhaul would leave $30bn fiscal gap to fill. But it represented some of the “blunt” policies needed to lift economic growth forecasts which Treasurer Jim Chalmers has labelled inadequate.

“I think the treasurer has said that … the government is not happy with the intergenerational report and the projections (for economic growth),” he told a banking conference in Sydney on Tuesday.

“What would I do? … Well let’s start with personal income tax.”

Incomes up to $20,000 should not be taxed, the next tax bracket of up to $80,000 should be taxed at 20 per cent, then 30 per cent on incomes up to $300,000, and 45 per cent to anyone earning above that, he said.

That would cost the government about $35bn in revenue lost, which would need to be offset by other measures.

To balance the lower tax receipts to government coffers, the goods and services tax (GST) would be increased from 10 per cent currently, to 15 per cent. This would generate about $60bn in extra annual revenue, he said.

Any cash payments of over $500 should be done through the electronic payments system, he said. This would likely save the government about $5bn in tax revenue leaks.

His comments came amid reports the big four, Woolworths and Coles, are close to striking a short-term bailout deal to fund the nation’s sole provider of cash transport services, Linfox Armaguard, amid a massive decline in the use of cash since the pandemic.

Despite that, under agreements that Mr Comyn said involved “very attractive” commercial terms for the banks, Armaguard is obliged to keep distributing cash throughout regional Australia.

“The cash distribution model effectively had a very aggressive price based competition over many years,” he explained. “What we did was (we and others) accepted very attractive commercial terms. Perhaps we should have had the foresight to think well, that actually looks like it’s an unsustainable pricing and commercial model that’s been put forward … Effectively that business is in structural decline.”

The ACCC last year waved through Armaguard’s acquisition of its main competitor Prosegur. Months later, Armaguard warned it was suffering heavy losses as cash usage declined further. The company is currently mulling a financial rescue package from the major banks and retailers while a longer model is worked out.

On Tuesday, Mr Comyn was again particularly scathing in his criticism of major technology firms like Apple, whose business practices he believes stifle competition.

Mr Comyn cited the U.S. Department of Justice’s antitrust lawsuit accusing Apple of abusing its market dominance as a “gatekeeper” to quash rivals in violation of the Sherman Act.

He said he long agreed with the DOJ’s allegations that Apple engages in a pattern of conduct degrading customer experience, breaching privacy, harvesting data without consent, and entrenching its monopoly position – contradicting the tech giant’s self-professed pro-competition stance.

“The challenge for governments and regulators is – are these companies too big to regulate? Many of these companies have a GDP in excess of many economies, with huge user and customer bases. Are they more powerful than many governments?” he asked.

“We’re obviously seeing that domestically in the media industry,” Mr Comyn said referring to Facebook’s decision, unveiled this month, that it would no longer pay media outlets for the material they provided on the social media site.

“This is one of many line-in-the-sand moments. I do think the government fully understands what’s at stake.”

Mr Comyn has long-called for more scrutiny to be put on the tech giants, and has been in a particular stoush with Apple over the tech giant’s dominance of the local “tap and go” segment of the payments system.

On Tuesday, his “frustration” was seconded by National Australia Bank’s outgoing boss Ross McEwan.

“One of the frustrations I feel is, if it looks and feels like a payment, it’s a payment,” he said, referring to the under-regulated approach to Apple’s and Google’s digital wallets and payment apps relative to banking oversight.

“What is so difficult about it,” he said. “80 per cent of these payments using your phone are going through Apple – completely controlling an industry. And yet we find that’s acceptable, well it’s not. Let’s all play by the same rules.”

Mr Comyn explained his tax reform plan would involve finding a way to tax the big overseas tech giants.

“Whether something like a turnover levy, or you could seek to limit their transfer payments to somewhere like 80 per cent … (to) the Cayman Islands,” he said, referring to the big offshore companies’ practice of making payments to affiliates to minimise tax.

Mr Comyn acknowledged there would be “difficulties” navigating tax treaties to execute the latter plan, but said the measure could capture about $5bn in tax receipts. His plan would also involve increasing welfare payments, particularly for the unemployed.

He said his ideas, which he qualified as coming “from a distance”, might leave a $30bn budget hole, which he said others were better placed to analyse.

Mr McEwan also lamented Australia’s mentality of “dividing the existing pie” rather than “creating a bigger one.” Both he and Westpac’s Peter King advocated extending federal political terms to four years for policy stability.

 

[Dona Ferentes]

and this will be a spanner in the works...

Coles will hoard cash over Easter to protect the supermarket from the risk that Armaguard, the money transit provider controlled by Lindsay Fox, collapses.

Mr Fox’s Linfox, which is locked in negotiations with the country’s largest banks and retailers over a short-term lifeline to keep the monopoly cash-in-transit group afloat, has engaged former union powerbroker Bill Kelty to represent its interests in meetings at the Reserve Bank of Australia on Wednesday.

Mr Kelty is a director of Linfox, a former RBA board member and a one-time secretary of the Australian Council of Trade Unions.

Coles confirmed it has paused all Armaguard delivery services until 05 April. This was driven by concerns its cash might be stuck in trucks should the company enter administration. Linfox has only guaranteed the survival of its subsidiary until 03 April.

 

[wayneL]

CBA boss Matt Comyn has some good ideas, shame he had to spoil it by including controls on cash payments.

I strongly disavow violence and murder, but would not be surprised to see the reemergence of the guillotine.

 

[sptrawler]

I received notification from a bank that in June there will be a new Govt regulation that states that no credit card can be used for gambling.

So that means that all gambling must be paid for in cash, putting Lotto in is going to be chaos for the first few weeks, pity the poor newsagents.

It also highlights just how invasive our Govt has become, if we are to ban gambling via CCs then it would imply that alcohol and Cigarettes must be next, as they do far more damage to society than gambling

I would also expect junk food to follow, this would need to be labelled or supermarket chaos would ensue, can I put rolled oats on my credit card ? What about fruit loops? Coca Cola?

An invasion of privacy and a nightmare for retailers just to satisfy smug, weak willed Know all, Know nothing ego maniacs

That's a cracker, it's your money on your credit card, but the Government can stop you spending it on gambling to protect you from yourself.

But if you were on welfare payments it was demeaning to have the payment on a welfare card, which limited how much welfare money you can spend on alcohol and gambling to protect you from yourself.

Go figure.
What a weird bunch of people, obviously tripping over our own virtue signalling yet again.

 

[divs4ever]

What a weird bunch of people, obviously tripping over our own virtue signalling yet again.

but they don't hit their head ( hard enough ) when they trip

 

[Value Collector]

and this will be a spanner in the works...

Coles will hoard cash over Easter to protect the supermarket from the risk that Armaguard, the money transit provider controlled by Lindsay Fox, collapses.

Mr Fox’s Linfox, which is locked in negotiations with the country’s largest banks and retailers over a short-term lifeline to keep the monopoly cash-in-transit group afloat, has engaged former union powerbroker Bill Kelty to represent its interests in meetings at the Reserve Bank of Australia on Wednesday.

Mr Kelty is a director of Linfox, a former RBA board member and a one-time secretary of the Australian Council of Trade Unions.

Coles confirmed it has paused all Armaguard delivery services until 05 April. This was driven by concerns its cash might be stuck in trucks should the company enter administration. Linfox has only guaranteed the survival of its subsidiary until 03 April.

Perhaps we need to start charging a 1% surcharge on all cash transactions to help cover the costs and keep the cash handling system afloat.

I mean often credit card users are asked to pay a fee to cover the costs of processing their transactions, obviously handling cash isn’t free and they need more revenue to keep running. Tack on a cash fee I say .

 

[Value Collector]

That's a cracker, it's your money on your credit card, but the Government can stop you spending it on gambling to protect you from yourself.

But if you were on welfare payments it was demeaning to have the payment on a welfare card, which limited how much welfare money you can spend on alcohol and gambling to protect you from yourself.

Go figure.
What a weird bunch of people, obviously tripping over our own virtue signalling yet again.

A credit card is not your money though, it’s a loan. You can use your own money from your savings account.

 

[sptrawler]

A credit card is not your money though, it’s a loan. You can use your own money from your savings account.

And a welfare card is your money?

So your point is?

I know what my point was. LOL.

 

[Value Collector]

And a welfare card is your money?

So your point is?

I know what my point was. LOL.

My point is that the government isn’t saying you can’t use your money to gamble, they are saying they don’t want people borrowing on a credit card to gamble, press savings instead of Credit and you can buy all the lotto tickets you want.

Yes, if you qualify for welfare any payments you receive are your money, if you like you can gamble with it, but just like anyone else you can’t use a credit card.

I am on a Veteran‘s Pension, you can bet I consider my $6.60 / fortnight my money , is it welfare? yes, is it mine to use as I like? Also yes, has that got anything to do with whether borrowing to gamble should be allowed? No.

 

[sptrawler]

My point is that the government isn’t saying you can’t use your money to gamble, they are saying they don’t want people borrowing on a credit card to gamble, press savings instead of Credit and you can buy all the lotto tickets you want.

Yes, if you qualify for welfare any payments you receive are your money, if you like you can gamble with it, but just like anyone else you can’t use a credit card.

I am on a Veteran‘s Pension, you can bet I consider my $6.60 / fortnight my money , is it welfare? yes, is it mine to use as I like? Also yes, has that got anything to do with whether borrowing to gamble should be allowed? No.

Like I said you borrow the money, you are obligated to pay it back, it is upto the bank to decide if you are a risk, not the Govt.

The welfare payment is extended to people to supply them with food and shelter and the neccesities of life, the money is taken off workers and given to those who aren't working, to supply those basics.

The Govt is saying it is not ok to borrow money to gamble, but it is fine to take money of the the worker, to give it to the welfare recipient so that they can gamble and drink.
Because they aren't held rsponsible for how they spend money, that isn't theirs other than being a gift from someone else's sweat.

Obviously by your reasoning, I have it wrong, as do most of the workers. LOL.

I did work with a lot of ex military personel, so I do uderstand why you have that outlook.

But I do like your reasoning. I need to be lot less caring, it is an autistic trait, my wife has it. LOL.

 

[Value Collector]

1. Like I said you borrow the money, you are obligated to pay it back, it is upto the bank to decide if you are a risk, not the Govt.

2. The welfare payment is extended to people to supply them with food and shelter and the neccesities of life, the money is taken off workers and given to those who aren't working, to supply those basics.

3. The Govt is saying it is not ok to borrow money to gamble, but it is fine to take money of the the worker, to give it to the welfare recipient so that they can gamble and drink.
Because they aren't held rsponsible for how they spend money, that isn't theirs other than being a gift from someone else's sweat.

4. Obviously by your reasoning, I have it wrong, as do most of the workers. LOL.

I did work with a lot of ex military personel, so I do uderstand why you have that outlook.

But I do like your reasoning. I need to be lot less caring, it is an autistic trait, my wife has it. LOL.

1. Yeah, but the government has decided it’s not wise to borrow to gamble, so has made it a bit more difficult, just like you have to wear a seat belt.

2. welfare is for a lot more than food and shelter, think of it more like an insurance that pays out when your life hits a rough spot, that we all pay premiums for.

3. the two are not linked, it’s a red herring to try and compare them, and who says welfare comes from workers taxes? It might come from iron ore royalties

4. yeah, you are wrong because you are conflating unrelated things to try and prove your point, when the points are not related.

if you wish to prove your point just stick to why you believe the government should allow betting on credit, the government has the right to ban all gambling if it likes.

 

[sptrawler]

My point is that the government isn’t saying you can’t use your money to gamble, they are saying they don’t want people borrowing on a credit card to gamble, press savings instead of Credit and you can buy all the lotto tickets you want.

Maybe the Government should should apply the same reasoning, when they are borrowing money off the taxpayer and giving it to the welfare recipient without putting conditions on it.

The taxpayer has to fund the Govt debt, the govt debt funds the welfare, the Govt spends and loans taxpayers money.
They don't seem to be having a problem reconciling how the NDIS money is being spent and whether it is being spent on the correct items.

The NDIS is like insurance that we all pay for, but it is also being rorted, so no doubt that is OK.
By your reasoning, that's fine.

 

[sptrawler]

if you wish to prove your point just stick to why you believe the government should allow betting on credit, the government has the right to ban all gambling if it likes.

My point was that the Govt puts a ban on a person, who has qualified for a line of credit to a certain value, from being able to spend it on what they wish.

Yet in the same breath they borrow money off taxpayers, be they workers, companies, hookers or whatever and decide to lift bans on the welfare recipients wasting all of it on gambling and drinking.

Maybe you can see the social equity in that, but it escapes me, but as I said my wife has the same outlook so I'm very used to working with it. Lol

By the way I don't and never have gambled it's a mugs game.
Funnily enough the wife loves playing the pokies for hours, but only bets 1c each bet.
Luckily you can only bet in Burswood and we never go there, so it limits her to when we go over East, which is this weekend, what a bummer.
Guess it comes with the syndrome.

 

[Value Collector]

My point was that the Govt puts a ban on a person, who has qualified for a line of credit to a certain value, from being able to spend it on what they wish.

Yet in the same breath they borrow money off taxpayers, be they workers, companies, hookers or whatever and decide to lift bans on the welfare recipients wasting all of it on gambling and drinking.

Maybe you can see the social equity in that, but it escapes me, but as I said my wife has the same outlook so I'm very used to working with it. Lol

By the way I don't and never have gambled it's a mugs game.
Funnily enough the wife loves playing the pokies for hours, but only bets 1c each bet.
Luckily you can only bet in Burswood and we never go there, so it limits her to when we go over East, which is this weekend, what a bummer.
Guess it comes with the syndrome.

The ban on using credit to gamble is in to try and protect those vulnerable to gambling addictions. They could ban gambling entirely, but it’s I bit like saying you can ride a bike, you just need to wear a helmet.

check out this video, gambling addictions can ruin lives,

 

[mullokintyre]

The ban on using credit to gamble is in to try and protect those vulnerable to gambling addictions. They could ban gambling entirely, but it’s I bit like saying you can ride a bike, you just need to wear a helmet.

check out this video, gambling addictions can ruin lives,

What a joke!.
Its all about the optics and politics.
It keeps people like Wilkie somewhat mollified.
People get addicted to gambling, illicit drugs, alchohol etc. but only illicit drugs get banned.
And why is that?
Because the government makes huge amounts of money out of alchohol and gambling, but SFA out of illegal drugs.
If they were serious about its harmful effects, they would ban it completely.
Mick