Sydney Developer Criticises Banks Over Cash Access Rules
Sydney-born property developer Matt Cameron withdrew A$30,000 in cash from a Jakarta bank within 15 minutes, sparking heated debate over Australian banking regulations and cash access restrictions.
The 48-year-old developer walked into a random Indonesian bank to test withdrawal limits, signing a single document before receiving the funds. “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 introduced in 2011, Australian banks report cash transactions of $10,000 or more to the Australian Transaction Reports and Analysis Centre to reduce money laundering and terrorism financing risks. Major domestic banks restrict ATM withdrawals to $2,000 or $2,500 daily, requiring at least 24 hours notice for amounts exceeding $5,000.
Before relocating his family to Bali in 2023, Cameron experienced intense branch questioning when attempting to withdraw $5,000 to pay local renovation workers. “The bank grilled me. They didn’t have the money and told me I’d have to come back the next day,” Cameron said, describing digital account balances as a digital fallacy.
“Why are they making it so progressively harder to get my own cash?” Cameron said.
Cameron claimed Australian banks are “motivated to make it as difficult as humanly possible” for people to access their own money.
“What’s brilliant about it is that when the money is sitting in the account, it doesn’t exist,” Cameron said.
Cameron joins a cohort of high-net-worth Australians leaving the domestic market amid regulatory friction. Melbourne billionaire Adrian Portelli relocated to Dubai earlier this year, stating he was treated like a criminal despite paying more than $100 million in taxes. Finder co-founder Fred Schebesta also moved to Singapore, citing a need for an environment where entrepreneurs can take greater business risks.
“They were people that were sick of being controlled by the system,” Cameron said.
“Bali welcomed us with open arms. We employ hundreds of people in Bali now and we’re profitable,” Cameron said.