Australia news live: Tony Burke announces crackdown on crypto ATMs used by money-laundering mules | Australia news
New powers to crack down on crypto ATMs used to launder money
Krishani Dhanji
Minister of Interior, Tony Burke, will announce new powers to crack down on crypto ATMs and crypto currencies used for money laundering and terrorism financing.
Burke will address the National Press Club later today and say the Australian Transaction Reports and Analysis Center (Austrac), tasked with stopping criminal abuse of the financial system, will have greater power to restrict certain “high-risk products”, including crypto ATMs.
Australia has the third highest number of crypto ATMs in the world, and Austrac estimates that 99% of crypto ATM transactions are cash deposits that pose a high risk of money laundering.
The number of crypto ATMs in Australia has increased rapidly over the last six years. Austrac says the number has now risen from 23 in 2019 to more than 1,800.
Burke will also announce his power to block the use by money launderers of “mule accounts,” where criminals hijack legitimate bank accounts often purchased or rented from international students or visa holders.
There are significant money laundering, terrorism financing and serious crime risks associated with crypto ATMs. Australia has the highest number of CATMs in the region and the third highest in the world.
If a bank suspects mule activity, the visa holder will be able to check their status and use this to decide whether the account is being used by criminals. It’s about arming banks with the right information to help them manage risks and prevent their accounts from falling into the hands of criminals.
important events
Cait Kelly
There was a sharp decline in home ownership rates for those under 35
New research from the Australian Institute of Health and Welfare has also mapped how homeownership rates have fallen since 1971.
Between 1971 and 2021, homeownership rates fell the most among those under 35:
25-29 years old (50% to 36%)
30-34 years old (64% to 50%).
The homeownership rate among those aged 50-54 has also fallen from 80% in 1996 to 72% in 2021.
An estimated 1.26 million low-income households were in financial housing distress in 2024-25, spending more than 30% of their disposable income on housing.
One in five (21%) households in the private rental market were low-income households in financial distress
Good morning and happy Thursday. Nick Visser I’m here to take over the blog. Let’s get started.
Cait Kelly
More Australians are experiencing financial stress
Real household income rose between 2023 and 2024 after two years of decline, but nearly one in five people aged 15 and over now experience financial stress, according to new research from the Australian Institute of Health and Welfare; the highest level in more than a decade.
Real household income (median real equivalent household disposable income) in 2024 was $1,464 per week; An increase of 3.2% ($1,418) since 2023 and 20% ($1,215) since 2009 – but this has mainly benefited wealthier Australians.
High-income households with annual disposable income above $122,000 had the fastest real income growth (3.5%), while the lowest-income households (earning an average of $15,000 per year) had the slowest real income growth at 0.3%.
More Australians are also experiencing financial stress. One in 20 (4.9%) reported missing meals in 2023; This is the highest figure since 2001, when the data was first collected.
New powers to crack down on crypto ATMs used to launder money
Krishani Dhanji
Minister of Interior, Tony Burke, will announce new powers to crack down on crypto ATMs and crypto currencies used for money laundering and terrorism financing.
Burke will address the National Press Club later today and say the Australian Transaction Reports and Analysis Center (Austrac), tasked with stopping criminal abuse of the financial system, will have greater power to restrict certain “high-risk products”, including crypto ATMs.
Australia has the third highest number of crypto ATMs in the world, and Austrac estimates that 99% of crypto ATM transactions are cash deposits that pose a high risk of money laundering.
The number of crypto ATMs in Australia has increased rapidly over the last six years. Austrac says the number has now risen from 23 in 2019 to more than 1,800.
Burke will also announce his power to block the use by money launderers of “mule accounts,” where criminals hijack legitimate bank accounts often purchased or rented from international students or visa holders.
There are significant money laundering, terrorism financing and serious crime risks associated with crypto ATMs. Australia has the highest number of CATMs in the region and the third highest in the world.
If a bank suspects mule activity, the visa holder will be able to check their status and use this to decide whether the account is being used by criminals. It’s about arming banks with the right information to help them manage risks and prevent their accounts from falling into the hands of criminals.
Welcome
Good morning and welcome to our live news blog. I Martin Farrer with the best night stories before Nick Visser takes over.
Real household income rose between 2023 and 2024 after a two-year decline, but nearly one in five people aged 15 and over now experience financial stress, according to new research from the Australian Institute of Health and Welfare; the highest level in more than a decade. Details are on the way.
Minister of Interior, Tony BurkeHe will speak at the National Press Club in Canberra today to announce new powers to crack down on crypto ATMs and cryptocurrencies used for money laundering and terrorism financing. More details to follow.
And in more good money news: New Bluey dollars are on the way.
