Black economy a ‘threat’

CURBING the underground economy is critical to protecting Australia from a growing terror threat, the chair of federal Treasury’s black economy taskforce says.

Treasury’s black economy taskforce chair Michael Andrew. Picture: Carmel Zaccone

Treasury’s black economy taskforce chair Michael Andrew. Picture: Carmel Zaccone

In Mildura yesterday for roundtable talks, Michael Andrew said developing policies to crack down on Australia’s $40 billion black economy was necessary to ease the national tax burden, boost the competitiveness of legitimate businesses and for security reasons.

“When you let the black economy go, a lot of the money laundering goes into supporting terrorism,” he said.

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