{"id":963255,"date":"2026-11-13T17:52:14","date_gmt":"2026-11-13T17:52:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/963255\/"},"modified":"2026-11-13T17:52:14","modified_gmt":"2026-11-13T17:52:14","slug":"scam-millionaire-rages-at-aussie-banks","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/963255\/","title":{"rendered":"\u2018Scam\u2019: Millionaire rages at Aussie banks"},"content":{"rendered":"

An Aussie businessman has sparked heated debate after claiming everyday Australians are falling victim to an astronomical \u201cscam\u201d at the hands of the country\u2019s largest banks.<\/p>\n

Matt Cameron, 48, was born and raised in Sydney\u2019s eastern suburbs before uprooting his life and moving to Bali, where he became one of the island\u2019s most successful property developers.<\/p>\n

The 48-year-old is now worth millions and claims Australia won\u2019t be seeing a cent of that fortune any time soon.<\/p>\n

In a clip posted to Instagram, Mr Cameron walked viewers through the surprisingly simple process of withdrawing A$30,000 at a bank in Jakarta.<\/p>\n

\u201cTo prove that Aussie banks are criminals, I\u2019m going to walk into a random Indonesian bank and see how hard it is to get out A$30,000 in cash,\u201d he said.<\/p>\n

Mr Cameron said that within 15 minutes he had signed one document and had the entirety of his cash withdrawn and placed in his hands.<\/p>\n

\u201cThey were holding more Australian cash in there than any of the big banks at home,\u201d Mr Cameron told news.com.au.<\/p>\n

Mr Cameron claimed one of the greatest frustrations for Aussies at the moment is feeling restricted when it comes to accessing their hard-earned money.<\/p>\n

\u201cIt\u2019s already so hard for Aussies to make that money and when they go to withdraw it they\u2019re grilled by staff and sit there feeling guilty.\u201d<\/p>\n

In 2023, the father of two uprooted his entire life in Australia after revealing the extent of regulations and fees had made it impossible for his business to thrive.<\/p>\n

\u201cI love Australia, the people are legends \u2013 but the challenge I\u2019ve got is that Australia has become unlivable,\u201d said Mr Cameron.<\/p>\n

\"Scam\u2019:<\/p>\n

Aussies \u2018locked out\u2019 of accessing their own cash<\/p>\n

Before his departure from Australia, Mr Cameron claimed he was subject to intense questioning at his local bank branch after attempting to withdraw $5000 from his account.<\/p>\n

\u201cI had some locals doing renovations on my home before I left Australia and needed some cash to tip them for helping me out during COVID,\u201d Mr Cameron said.<\/p>\n

\u201cThe bank grilled me. They didn\u2019t have the money and told me I\u2019d have to come back the next day. Why are they making it so progressively harder to get my own cash?\u201d<\/p>\n

Mr Cameron claimed Australian banks are \u201cmotivated to make it as difficult as humanly possible\u201d for people to access their own money.<\/p>\n

\u201cWhat\u2019s brilliant about it is that when the money is sitting in the account, it doesn’t exist. It\u2019s just a digital fallacy, they\u2019re trading your dollar while they don\u2019t even have it.\u201d<\/p>\n

\u201cIt\u2019s the biggest scam that Australians are being dragged through,\u201d he added.<\/p>\n

Under current Federal legislation, all Australian banks are required to report cash transactions<\/p>\n

of $10,000 or more (or foreign equivalent), including details of the relevant account holders, to the Australian Transaction Reports and Analysis Centre (AUSTRAC).<\/p>\n

The rules, which came into effect in 2011, were introduced to assist in reducing the risk of money laundering or terrorism financing activities.<\/p>\n

At many of the country\u2019s largest banks, Aussies are limited to withdrawals of $2000 to $2500 at ATMs, while at least 24 hours notice is required for a withdrawal over $5000.<\/p>\n

On top of that, tellers are trained to spot red flags and rehearsed scam stories, saying their training allows them to act as a vital safety net to stop scammers.<\/p>\n

However, Mr Cameron believes the difficulty of accessing his own cash has led to a fundamental distrust in the Australian banking system \u2013 and he\u2019s not the only one.<\/p>\n

The 48-year-old revealed he has been inundated with messages from other Aussies who are weighing up relocating overseas.<\/p>\n

\u201cThere\u2019s two types of people that follow my content and reach out to me: People that want to move and have a higher quality of living or people that are trying to invest overseas,\u201d he said.<\/p>\n

The Kiss Developments owner recently sold an entire development in less than six hours, with 28 Aussies buying in on its launch day.<\/p>\n

\u201cThey were people that couldn\u2019t make enough money in property to handle the taxes. They were people that were sick of being controlled by the system,\u201d he said.<\/p>\n

Small businesses copping the brunt<\/p>\n

The debate comes just weeks after a news.com.au survey of more than 2000 Australians revealed a nation desperate to support its entrepreneurs. <\/p>\n

In Australia, companies are subject to a federal tax rate of 30 per cent on their taxable income, except for \u201csmall or medium businesses\u201d, which are subject to a reduced tax rate of 25 per cent.<\/p>\n

The reduced tax rate applies only to those companies that fall below the aggregated turnover threshold of $50 million.<\/p>\n

The Back Australia<\/a> survey found that 71 per cent of Australians believe small businesses should be paying less tax, while only 29 per cent believe they should not. <\/p>\n

Speaking to news.com.au, Council of Small Business Organisations Australia (COSBOA) CEO Skye Cappuccio, said Australia needed to be thinking more seriously about the environment it was creating for the next generation of small business owners.<\/p>\n

\u201cSmall businesses are still operating in an incredibly difficult environment. Costs have risen, consumers are cautious and margins remain tight, while business owners are also trying to keep up with an increasingly complex regulatory environment,\u201d said Ms Cappuccio.<\/p>\n

\u201cWhen small businesses are under pressure, the impact extends well beyond the individual business. It affects jobs, investment and the communities that rely on those businesses.<\/p>\n

\u201cWe need to make it easier for small businesses to put money back into their businesses, hire people, adopt new technology and improve productivity.\u201d<\/p>\n

Mr Cappuccio said COSBOA firmly supported reducing the small business company tax rate to 20 per cent and seeing the instant asset write-off threshold increased to $150,000.<\/p>\n

\u201cSmall businesses are already facing significant cost pressures, and we need to ensure tax changes don\u2019t add further financial and compliance burdens,\u201d she said.<\/p>\n

\u201cWe want people to look at starting or buying a small business and see opportunity, not an overwhelming compliance burden. That means getting the fundamentals right: tax, regulation, skills, digital adoption and the cost of doing business.\u201d<\/p>\n

Mass exodus of Australia\u2019s richest<\/p>\n

Mr Cameron is among a growing cohort of multi-millionaires that have left the country in the last few years, as frustration mounts over Australia\u2019s strict business regulations and taxes.<\/p>\n

Earlier this year, Melbourne billionaire Adrian Portelli announced his move to Dubai, declaring Australia was \u201cgenuinely finished under its current control and leadership in the form of the government and media.\u201d<\/p>\n

The 37-year-old later revealed he was bullied out of Australia and \u201ctreated like a criminal\u201d despite paying more than $100 million in taxes.<\/p>\n

\u201c(The ATO) were in my books, in my bank accounts \u2026 when you hear all these stories happening 10 years before I was successful, you\u2019d be like \u2018oh yeah it\u2019s made up stories\u2019 but I\u2019ve witnessed it now and it\u2019s scary to know how much control they have,\u201d Mr Portelli told Dubai podcast One on One with Kris Fade.<\/p>\n

Similarly, Finder co-founder Fred Schebesta declared he\u2019d \u201chad enough\u201d of Australia during his move to Singapore earlier this year.<\/p>\n

\u201cIt\u2019s time to move out of Australia and go to a country where you can build a business and take risks,\u201d he said at the time.<\/p>\n

Mr Cameron, who was one of the first millionaires to jump ship, described somewhat of an \u201cmulti-millionaire exodus\u201d, warning that Adrian Portelli would not be the last.<\/p>\n

\u201cBali welcomed us with open arms. We employ hundreds of people in Bali now and we\u2019re profitable. We couldn\u2019t make our money in Australia due to the volume of rules, red tape, the taxes and the fees.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"An Aussie businessman has sparked heated debate after claiming everyday Australians are falling victim to an astronomical 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