In many areas of the world, cash is still king. But, as in other parts of the globe, it appears as if its days could be numbered in Australia, which may be preparing to ride the building global demonetization wave. The Australian divisions of financial services giants UBS and HSBC have already floated the possibility of removing high-denomination banknotes from circulation. And global banker Citi, which has a relatively small footprint in the country, has said it would no longer deal in cash, noting that physical currency constituted only 4 percent of transactions made by its customers in the past year. Now, as Australia prepares its mid-year economic update, the Australian Financial Review is reporting that Canberra will establish a task force on the country's shadow economy that will consider withdrawing the nation's biggest banknote, the AU$100, which makes up nearly half of all Australian currency in circulation....
