Taskforce: Cash Economy

taskforce: Key points Minister for Revenue and Financial Services says special taskforce will be created to police cash economy Kelly ODwyer described the cash economy as the black economy Ms ODwyer said the new taskforce will also assess the future of the 100 note Minister for Revenue and Financial Services Kelly ODwyer told the ABC a special taskforce would be created to police the cash economy, which is worth an estimated 21 billion a year or 1.5 per cent of gross domestic product, according to Australian Broadcasting Corporation. The taskforce will be detailed in the Mid-Year Economic and Fiscal Outlook due to be released next week, which the Federal Government hopes will ease the concerns of global rating agencies about borrowing costs. Related Story Is India currency recall working Related Story Abbott warns of welfare villages while praising disability pension crackdown Map Australia The Federal Government has flagged a crackdown on the cash economy in a bid to reclaim billions of dollars in lost revenue and reduce welfare fraud. Ms ODwyer described the cash economy as the black economy and said much of its revenue was owed to the Australian people and major infrastructure projects, including schools and hospitals. Otherwise, fair-minded Australians are going to have to pay more tax as a result of someone not paying the tax they are supposed to pay and that simply isnt fair. Frankly, it is critical for those people who are honest, law-abiding people, who are actually doing the right thing and paying their fair share of tax, she said. (news.financializer.com). As reported in the news.