Cashless society by 2020??

[fred lever]

Thanks Mr T.
Fascinating.
I can see that laws exist to define what the currency  shall be and what is not allowed.
Thats clear.
Is there a definition of what coinage or minimum amount shall be made?
Fred.

[Mister T]

I doubt it but not sure where it would say that. Was the Reserve Bank enacted by an act of parliament? Maybe there are details there (I think they determine how much is made?).

[nealeffendi]

Mr T is 115 about only gold and silver coin only in payment of debts then how have they breeched the constitution these past many decades with no gold or silver in circulation?
Has there been a referendum to amend that part of the constitution and if not can I demand my tax refund in gold coin at face value?

[gweidion]

Unfortunately it is only "the states" who aren't allowed to coin money out of anything apart from gold and silver under the constitution.
The Federal government is a law unto itself.

Appended from  https://constitutionalfurphies.info/legal_tender.php

In Australia the Commonwealth Parliament has a long list of powers in section 51, and that includes:

    (xii) currency, coinage, and legal tender;
    (xiii) banking, other than State banking; also State banking extending beyond the limits of the State concerned, the incorporation of banks, and the issue of paper money; and
    (xvi) bills of exchange and promissory notes;

And all I can say is you mongrels voted for them.

If they wanted to they could make piggies legal tender. In much the same way as a cheque could be "anything" as long as the stamp duty was duly paid.

[Mister T]

Mr T is 115 about only gold and silver coin only in payment of debts then how have they breeched the constitution these past many decades with no gold or silver in circulation?
Has there been a referendum to amend that part of the constitution and if not can I demand my tax refund in gold coin at face value?

My read on it is that the federal government can do what they want with regards to money, but if any of the individual states want to do their own thing then they can only do it using gold or silver coins. I assume this was to prevent states from issuing token/worthless coinages to the detriment of the other states'/whole country's economy.

[Mister T]

I don't play the pokies at all but I'll feed a note through to look at dollar coins if I can.
I was at a country pub today and was disappointed to see that even they have switched to payouts being done on magnetic cards.

Are coin-dispensing poker machines completely dead?

[gweidion]

I don't play the pokies at all but I'll feed a note through to look at dollar coins if I can.
I was at a country pub today and was disappointed to see that even they have switched to payouts being done on magnetic cards.

Are coin-dispensing poker machines completely dead?

Few and far between these days. Often it is a card or ticket. If you get a ticket they should have a machine that will give you cash and/or coins. We still have those at the local leagues club (and the casino) at least at this stage. Probably soon to be replaced to cashless.

[nealeffendi]

Till last month I worked in the pokie room of a pub. Of 30 machines maybe 3 still took dollar coins and almost nobody played coins, perhaps 20-30 dollar coins each week from perhaps 2-3 million in notes.
That large amount of cash will cease within about 2 years as the word was the government wants the machines to be cashless with each player having their own pre loaded card. Their claim is that it will stop those who have self excluded for gambling addiction from playing as well as to prevent money laundering.
Staff will hate it as currently they often get nice tips from winning punters. And any gambling addict will get around it by borrowing others cards.

[Mister T]

Ah that's right, there is meant to be some federal gambling limit thing - I guess the poker machine industry was ahead of the curve on this one.

Shame though.

[fred lever]

I popped into the local post office and asked the counter girl for a couple of bags of $2 coins please.
I think she was about 10 years old, or at least that's what it liked like to me.
She could not get it in her head that I wanted to take some coin OUT from the till and pay for it with my card.
She even did not seem to really know what coin was.
The senior lady rattled off an explanation in Chinese and finally she got the idea.
Folks that is where we are heading, to the now generation you pay for things by waving your phone over the POS, coins and even cards don't exist.
Old people (I'm only 79!) need to get with it...NOT.
It's not just a cashless society it a brainless society!
Fred.

[nealeffendi]

Hi Fred, I get rolls of $2 coins from a machine in St George in Parramatta Westfield, ditto in Blacktown. Sometimes they have rolls of newly minted coins and then I just get lots of rolls, enough that my sturdy backpack can barely take it.

[Massacher]

I am a big believer in keeping enough cash to cover at least three months worth of bills and preferably six months worth in case our banks do a Cyprus. We have the same damned bail in laws now, snuck through parliament in the dead of the night. The lesson, never keep more than you can afford to lose in the bank.

https://www.reuters.com/article/us-cyprus-banks-idUSKBN1K3242

What does this mean?

hi Fred, I get rolls and rolls of 2 dollar coins from the ATMs some branches have, machine never asks me why I want 20 rolls. That branch inside a shopping centre only has a single teller open but has 4 ATMs for cash including a coin roll dispenser and bulk coin deposit. How will we noodle once they stop making coins though. I'm surprised the mint still makes coins what with so many people never using cash.

What do these look like? How can I find out where they are in SA?

Will Age Pensioners be Forced onto the Cashless Debit Card?

There is also a lot of talk as to whether Ann Rushton a LNP Minister is laying the ground work for the INDUE CARD
where 80% of payment will have to be spent where the Gov says you can spent it.
No more noodling if this happens.

and I'll be buggered if some government wants to control my pension spending habits.

Damn straight. I'll not be obeying or complying with that bullshit. 

This is where the problem lies.

refusal to accept payment in legal tender banknotes and coins is not unlawful.

It should be unlawful to refuse legal tender with in its restrictions. Refusing legal tender undermines the integrity of the currency. BECAUSE all currency is worthless apart from the promise of value. Refuse the promise and soon enough people start refusing to accept that form of payment, undermining the economy.

So why are we using currency at all? I have begrudgingly used it. Because if I was alive and on Jekyll Island at the moment the modern currency system was put in place I would never have allowed it.

I've thought of this probability for a while now. If banks won't accept the currency that a society uses then what do we need them for? They'll become obsolete and we'll go back to bartering or come up with a different form of trade.

FREE MONEY FOR FIRST ADOPTERS

Bribes... yea nah that's not going to work.

I have to say that is the only thing I love about Scumcorp. To make internet banking transactions requires a one time letter pad token that generates a unique 6 digit number every 30 seconds. You need it to log on, you can't just log on with a password, and you need it to make big transfers. It is good for about 5 years and they let you know when you need to order a new one (hopefully before it dies).
Apparently you can do it with a mobile phone app but as I have no mobile, that is out.

What is this Scumcorp and how many branches do they have?

Its Big Business trying to maximise profit and to hell with the customer.
Much more efficient to do things online by computer and get rid of all those pesky customers that just cause trouble and use up resources.

Fred.

So what happens when people refuse to use online and computers? Then they'll have no more customers. Therefore no profits and no incoming currency at all.
They will be shooting themselves in the foot.

Like clockwork
https://www.news.com.au/finance/business/banking/towns-fury-at-disgraceful-westpac-move/news-story/dc5fb42254b02190c16ec54cabc0b276

Everyone with an account at that bank should withdraw all their money then the bank will collapse. What do we need a bank for if they don't provide an easy and convenient form of trading?
There has to be a fail safe if the power goes out.

I agree with Goldie. We should all pull our money out and see what happens then.
They seem to forget they are making money with our funds.

This. So much this.

Accountant's get direct data to do tax, cash is just a pest.

Banks and government are pests. They have interrupted our lives for far too long.

[gweidion]

Scumcorp = Suncorp. It is a Queensland institution in combination with Metway.
I call them Scumcorp because they, like most banks, are closing our local branches making it harder to get your own money.
And I have recently heard that they will no longer provide a physical security token. They expect you to use their app.
No mobile = no app unless they come up with one for your computer.

[JeffH]

Isolation fears grow as cash use plunges

[Triggersmob]

Interesting that only the $100 note increased in circulation. Must be the drug dealers.