Cashless society

[JohnDe]

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.

There is more to the story than meets the eye.

JANUARY 13, 2021

Linfox Armaguard’s mission to become Australia’s cash king

Armaguard wants to be the nation’s top ATM provider after a spate of acquisitions in the past 18 months.

NOVEMBER 7, 2021

Covid costs and cashless trend hit profits for Lindsay Fox’s Linfox trucking and logistics empire

Less Australians are using cash than ever before, with a lack of big events and general retail hitting the financial result of the Armaguard cash handling business.

APRIL 16, 2023

Westpac and Armaguard strike deal for 1700 extra fee-free ATMs

With the shift away from cash-based transactions, the big banks have been reducing their ATM networks. A new deal will give Westpac’s customers free access at Armaguard’s ATMs.

OCTOBER 24, 2023

Linfox profits bounce back for the first time since Covid

Billionaire transport magnate Lindsay Fox has built one of the biggest private companies in Asia. Its profits are finally back to 2019 levels as revenue hits an all-time high.

NOVEMBER 29, 2023

Banks seek ACCC approval for cash supply consultation before crunch

The ABA has made an application to the ACCC to organise industry consultation over cash supply, amid fears over the health of Armaguard, which supplies over 90 per cent of ATMs.

DECEMBER 1, 2023

Armaguard sees AusPost as part of solution to save cash services

Linfox Armaguard believes Australia Post will have to be part of a solution to continue to supply cash to banks and businesses around the country.

 

[sptrawler]

The ban on using credit to gamble is in to try and protect those vulnerable to gambling addictions.

The welfare card was introduced to protect those vulnerable to gambling, drinking and domestic violence addictions and the Govt removed that, so why put a ban on how someone can spend on their credit card?
Sounds like discrimination to me.

So in summation the worker can't gamble with credit, but he can pay his tax bill with credit or a loan, which the Govt can then give to a welfare recipient who can go and gamble with the workers credit money.

Great circular economy.

Don't get me wrong I would prefer they just ban gambling along with smoking.

 

[Craton]

As an ATM field tech, the latest Armaguard news is of particular interest.

 

[Value Collector]

The welfare card was introduced to protect those vulnerable to gambling, drinking and domestic violence addictions and the Govt removed that, so why put a ban on how someone can spend on their credit card?
Sounds like discrimination to me.

So in summation the worker can't gamble with credit, but he can pay his tax bill with credit or a loan, which the Govt can then give to a welfare recipient who can go and gamble with the workers credit money.

Great circular economy.

Don't get me wrong I would prefer they just ban gambling along with smoking.

People on welfare will be subject to the e same credit card restriction, what you are asking for would be an additional restriction specially for welfare recipients.

 

[Value Collector]

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

I agree the government makes shiploads of money in alcohol, gambling and cigarettes, some of it is justified to get taxed.

but atleast trying to deter people going into dead to gamble is the bare minimum they can do.

its been the rule in Queensland for atleast the last 24 years that you can’t buy lotto tickets on credit, it seems to work just fine

 

[moXJO]

Mate owned a pub with pokies. 2 pokies takes would be totally for tax and the third was profit.

 

[JohnDe]

Traveling around Tasmania and they love cash.

 

[Belli]

Supermarkets have for some time limited the amount of cash you can withdraw to $200 and now you can only do that if you buy something.

The occasional Freddo Frog only costs $1.

 

[wayneL]

From the latest cashless machinations:



Senator Roberts is a superstar imo

 

[divs4ever]

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 .

another tax for criminals to avoid , maybe the criminals will just create their own payment system ( for internal transactions )

it has been done before for legal and illegal businesses

besides they don't use the revenue wisely now ( so will need to increase the surcharge later , so they will create loopholes and exemptions for friends ) just like with GST

then there will come 'a data storage fee ' for allow the electronic data security and record keeping

 

[divs4ever]

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

they tried that once .. it was called the prohibition era

besides they can't even stop a smelly green leafy substance to the extent they had to partly legalize it

and making gambling illegal , read Power without Glory and see how that worked out in Australia

spoiler alert ... people do dumb stuff . some of them survive it as well

 

[wayneL]

another tax for criminals to avoid , maybe the criminals will just create their own payment system ( for internal transactions )

it has been done before for legal and illegal businesses

besides they don't use the revenue wisely now ( so will need to increase the surcharge later , so they will create loopholes and exemptions for friends ) just like with GST

then there will come 'a data storage fee ' for allow the electronic data security and record keeping

A 1% surcharge for cash is absolutely f****** ridiculous. When businesses price in the costs of their products and services and come up with a price to the end consumer these things should be priced in.

Any business that tries to charge me any sort of surcharge whatsoever can go f*** themselves. They will lose my, and deservedly everybody else's business forever.

**** 'em. Price it in or **** off.

 

[JohnDe]

A 1% surcharge for cash is absolutely f****** ridiculous. When businesses price in the costs of their products and services and come up with a price to the end consumer these things should be priced in.

Any business that tries to charge me any sort of surcharge whatsoever can go f*** themselves. They will lose my, and deservedly everybody else's business forever.

**** 'em. Price it in or **** off.

It won’t happen in our lifetime.

I’ve been driving through Tasmania for almost a week, from Hobart to several small towns on the west and east coast and in the middle, every one has smiled when I paid my bills with cash.

I’m using digital payments for things like flights, car hire, hotels, but everything else has been cash, because I like to handle notes and have a conversation and connection.

 

[Value Collector]

another tax for criminals to avoid , maybe the criminals will just create their own payment system ( for internal transactions )

it has been done before for legal and illegal businesses

besides they don't use the revenue wisely now ( so will need to increase the surcharge later , so they will create loopholes and exemptions for friends ) just like with GST

then there will come 'a data storage fee ' for allow the electronic data security and record keeping

What I mean is that shop owners charge people paying cash a 1% fee to cover the costs of armed guards and other cash handling costs, just like they charge credit card users.

 

[Value Collector]

Supermarkets have for some time limited the amount of cash you can withdraw to $200 and now you can only do that if you buy something.

The occasional Freddo Frog only costs $1.

I wonder how much it costs for the armed guards to deliver that $200, and whether a Freddo frog is enough to subsidise it.

 

[Value Collector]

Mate owned a pub with pokies. 2 pokies takes would be totally for tax and the third was profit.

Other way around 33.3% tax on pokie revenue means 2 would be for profit and the third one covering the tax.

 

[moXJO]

Other way around 33.3% tax on pokie revenue means 2 would be for profit and the third one covering the tax.

Yes that's correct got it round the wrong way. I'm in a brain fog lately.

 

[greggles]

I'm finally starting to come around to crypto. When they eventually get rid of cash, those who value privacy and freedom and the right to transact with others without a bank or the government knowing about it, will have to resort to payments via crypto or gold and silver bullion.

 

[Value Collector]

I'm finally starting to come around to crypto. When they eventually get rid of cash, those who value privacy and freedom and the right to transact with others without a bank or the government knowing about it, will have to resort to payments via crypto or gold and silver bullion.

Doesn‘t the block chain Basically leave a permanent public record of all the transactions that can be traced?

also, because the actually Bitcoin block chain can only process such as small number of transactions each minute, and authentication can take up to 12 minutes, when it comes to daily transactions You are going to have to have a similar setup up to the current credit card system, where a bank or Institution holds the crypto in a “vault” and the transactions are all just processed off the actual block chains, so it will be no different to they was credit cards work now, it’s just the settlement will be in crypto instead of Australian dollars.

 

[Value Collector]

Yes that's correct got it round the wrong way. I'm in a brain fog lately.

A smoker, having a beer, playing the pokies has to be the tax man’s wet dream hahaha.