The Australian federal treasury has introduced a draft Bill limiting cash payments to AUD10,000 per transaction, to be enforced by fines up to AUD25,000 and prison sentences of up to two years. If passed, the Currency (Restrictions on the Use of Cash) Bill 2019 would come into effect on 1 January 2020, and is expected to raise AUD5.3 billion (USD3.6 billion) in tax revenues. It will apply only to business and property transactions, not to deposits and withdrawals from individuals' bank accounts.
