The senate enquiry is supporting the cash surveillance measure and the bill looks set to become law soon. Apparently the transaction surveillance measure is intended to fight the black economy, by stamping out tax evasion, money laundering and other crimes. How it is supposed to stop organised crime is anyone's guess?
I notice the federal govt have not explained how the new bail in laws will work and when will they be introduced. The CPA's and the Australian Chamber of Commerce and Industry (ACCI) had argued that there was no legitimate evidence that the proposed law would stop black economy activity. Sounds like ordinary people will be the ones being stung. Not sure how giving banks and the tax office more control over peoples savings can be beneficial. The recent Banking Royal Commission had found banks and the so called regulators had a "dubious record in servicing customer interests". Sounds like the authorities will have greater control over peoples behaviour. Sounds like the imf is slowly getting what it wants!
