Sussan Ley (Farrer, Liberal Party, Minister for the Environment) Share this | Hansard source

Firstly, I'd like to thank those members who have contributed to this important debate. In the 2018-19 budget, the government responded to the Black Economy Taskforce's final report by announcing measures to address the growing economic and social problem of the black economy. This bill establishes the cash payment limit and introduces offences for entities that make or accept cash payments of $10,000 or more. It does not apply to personal or private transactions other than real property transactions.

There is an increased possibility that participants in a transaction involving large cash payments are doing so to reduce their tax bill by underreporting their taxable income; avoiding other obligations, such as child support payments; or engaging in welfare fraud or other criminal activities. It will help level the playing field for honest businesses that do the right thing, and remove the notion that acting in the black economy is a victimless crime. I commend the bill to the House.

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