delete Banking (Foreign Exchange) Regulations (Amendment)
Amendment to Banking (Foreign Exchange) Regulations establishing controls on foreign exchange transactions, likely governing reporting requirements, restrictions on certain currency movements, or approval requirements for specific foreign exchange activities.
Foreign exchange controls inherently restrict the free movement of capital, create compliance burdens that disproportionately affect smaller businesses and individuals, and distort natural currency market signals. Australia's prosperity depends on being an open, competitive economy. Such controls typically benefit politically connected incumbents while raising costs for everyone else. The regulatory maze created by foreign exchange rules layered with AML/CTF obligations, banking regulations, and state-level requirements produces overlapping compliance that impedes commerce with minimal demonstrated benefit.