Australian banking regulations push citizens overseas as property developer Matt Cameron withdraws 30,000 Australian dollars in Jakarta to highlight strict local cash restrictions and heavy tax burdens.
Cameron, 48, walked into a random Indonesian bank to test how difficult it would be to access large sums of physical currency, news.com.au reported. Within 15 minutes, he signed one document and received the entire amount in cash.
“To prove that Aussie banks are criminals, I’m going to walk into a random Indonesian bank and see how hard it is to get out A$30,000 in cash,” Cameron said, according to news.com.au.
“They were holding more Australian cash in there than any of the big banks at home,” Cameron told news.com.au.
Under current federal legislation, Australian banks must report cash transactions of $10,000 or more to the Australian Transaction Reports and Analysis Centre (AUSTRAC). Introduced in 2011, these rules aim to reduce money laundering and terrorism financing risks.
At major domestic institutions, ATM withdrawals cap between $2,000 and $2,500 daily. Customers typically need to provide at least 24 hours of notice for branch withdrawals exceeding $5,000.
Cameron argued that domestic lenders make it as difficult as possible for customers to access their own money. He described the digital balance in bank accounts as a fallacy where institutions trade funds they do not physically hold.
“It’s already so hard for Aussies to make that money and when they go to withdraw it they’re grilled by staff and sit there feeling guilty,” Cameron told news.com.au.
Cameron relocated to Bali in 2023, citing strict regulations and fees that stifled his property development business. His experience mirrors a broader sentiment among Australian entrepreneurs facing a 30 percent federal corporate tax rate, or 25 percent for small and medium businesses with an aggregated turnover below $50 million.
“I love Australia, the people are legends – but the challenge I've got is that Australia has become unlivable,” property developer Matt Cameron said.
Cameron belongs to a growing group of wealthy Australians leaving the country over taxation and regulatory friction. Melbourne billionaire Adrian Portelli announced a move to Dubai earlier this year, stating that Australia was finished under current government leadership. Portelli claimed he was bullied and treated like a criminal despite paying more than $100 million in taxes.
Finder co-founder Fred Schebesta also relocated to Singapore, citing a desire to build a business without excessive constraints. Cameron said that Bali welcomed his business with open arms, allowing him to employ hundreds of people profitably.
“Bali welcomed us with open arms. We employ hundreds of people in Bali now and we’re profitable. We couldn’t make our money in Australia due to the volume of rules, red tape, the taxes and the fees,” Cameron told news.com.au.
Most major Australian banks limit daily ATM cash withdrawals to between $2,000 and $2,500, depending on the specific financial institution and account type.
Banks require at least 24 hours of notice for branch withdrawals over $5,000 to manage physical cash inventories and comply with internal security and fraud-prevention protocols.
Under rules implemented in 2011, Australian banks must report any cash transactions of $10,000 or more, including account holder details, to the Australian Transaction Reports and Analysis Centre to combat money laundering.