mmt - single tax system - digital only aud

Radical Monetary and Tax Overhaul: Kill Cash, Kill the Tax System, End Government Borrowing

Australia’s monetary and taxation system is an outdated, bloated, and destructive mess. It punishes work, encourages evasion, distorts the economy, and keeps governments trapped in endless debt cycles. It’s time to blow it up completely. This reform requires amendments to the Reserve Bank Act 1959, Banking Act 1959, and all major taxation laws.

Here is the radical new framework Australia desperately needs:

1. End Physical Cash Forever

Phase out all Australian dollar coins and banknotes. The Australian dollar becomes a fully digital currency only.

No more hiding cash under the mattress. No more black economy. Every transaction becomes traceable, efficient, and subject to the new system.

2. Abolish All Existing Taxes

Scrap the entire broken taxation regime — income tax, GST, company tax, payroll tax, land tax, stamp duty, capital gains tax, and everything else.

Replace it with one single tax: A 2% Automated Payment Transaction (APT) Tax paid by the sender on all monetary transfers between different legal entities.

What gets taxed:

- Person to person (you paying a friend)

- Person to business (rent, groceries, tradie payments)

- Business to business (supplier invoices, payments)

- Employer to employee (wages and salaries)

- Bank to person (interest, dividends)

- Person to bank (loan repayments)

- All international transfers

- Transfers via crypto exchanges

What does NOT get taxed:

- Moving your own money between your own accounts (e.g. CommBank to NAB, savings to super, etc.)

- Internal business transfers (head office to branch, company to its own super fund)

This is a simple, automated, extremely hard-to-evade tax that captures economic activity without punishing productivity.

3. End Government Borrowing

The government must immediately cease all new borrowing.

The Reserve Bank of Australia will be authorised to create money directly and transfer it to Commonwealth and State treasuries as needed to meet public expenditure — with no fiscal limitation.

4. Repay Existing Debt Normally

All current government public debt will continue to be repaid strictly according to its original maturity schedule. No default. No tricks.

Why This Radical Overhaul Works

- Simplicity: One tax replaces thousands of pages of complex legislation and bureaucracy.

- Efficiency: A tiny 2% transaction tax applied automatically creates massive revenue with almost zero compliance costs.

- Fairness: It taxes economic activity when money actually moves between parties, not when people work hard or invest wisely.

- Transparency: A cashless digital system kills the black economy and tax evasion.

- Monetary Sovereignty: The government is no longer hostage to bond markets and international lenders.

This system frees Australia from the parasitic tax industry and the debt trap that currently enslaves future generations.

The Radical Principle

Governments should not beg international bankers for permission to spend. They should not punish citizens for working and producing.

We need a clean, transparent, and sovereign monetary system that serves the Australian people — not the tax accountants, bureaucrats, and global financial interests.

End the cash. End the complex tax system. End the borrowing addiction. This is the Radical Monetary and Tax Reset Australia needs. It’s time to implement it.