In the past two years, the Chinese have brought cash into Australia and the amount declared at airports has risen sharply, raising questions as to whether the Chinese government`s crackdown on capital outflows has allowed investors to seek alternative ways to transfer money.
According to the Freedom of Information Act, according to data obtained from the Australian transaction reporting and Analysis Centre (AUSTRAC), total cash returns from China to Australia reached A $ three hundred and sixty three million four hundred and ninety nine thousand nine hundred and ninety nine in the previous fiscal year. Up 21.7% from 2014-15.
In 2014-2015, cash from China was A $ two hundred and ninety eight million seven hundred and ninety nine thousand nine hundred and ninety nine.
The move comes after China`s government launched a series of crackdowns on capital outflows in 2016, a move that slowed investment in Australia.
It is unclear whether this is directly related to the increase in physical currencies entering Australia from China.
In 2015-16, the highest amount of cash was reported from China to Australia, reaching A $376.1 million, but the total number of filings increased from 13996 in the current year to 14985 in 2016-17.
Esther, director of Melbourne-based real estate portal AC Property? Yang (Esther Yong), who focuses on the Chinese market, knows that many people fly to Australia and bring a whole box of cash to buy homes.
"I`m not surprised," Ms. Yang said. "the transfer of money from China is quite troublesome, and some of them may take a long time. Therefore, for some money, they go to the bank to transfer money, and another large amount of money may be transferred in some way. And then they say, whose friends are coming, wait, I`ll ask them to bring the money. "
Building buyers are more likely to bring cash into Australia, she said.
Joe (Stephen Joske), a former senior Australian Treasury representative in China, said it was hard to understand why cash filings are increasing today.
"the amount of money flowing in is still huge," Mr. Chosk said. "it`s a little strange to me because, as an individual, electronic transfers from China are extremely easy, and I just want to know why they`re using so much cash."
Tax Secretary Kelly. "the black economy, including large cash payments, is an area of concern for government," said a spokesman for (Kelly O`Dwyer) Odelwell. We announced a measure in the Budget that limits cash payments across the economy to A $10,000. "
