Law to ban cash for purchases of $10,000 or more abandoned, but don’t be surprised if it’s revived

A controversial law that would have banned cash payments over $10,000 and imposed two-year jail sentences on people evading the ban has been killed in the Senate.

But don’t be surprised if the move to limit your legal use of cash is revived at some stage.

The now-defunct law could return in some other iteration once the COVID-19 pandemic has passed.

On Thursday, following a motion moved by One Nation, the Senate officially dumped debate on the legislation, which has unofficially become known as the “cash ban” law.

Officially it’s called the Currency (Restrictions on the Use of Cash) Bill 2019 and it was supposed to take hold in January.