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PayDay News | Australian Payments News

Banks praised on illicit tobacco but industry says it’s an excise issue

Senior Business Correspondent
1 Jul, 2026
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Michael Sainsbury
Senior Business Correspondent
1 Jul, 2026
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Metcash's first profit lift in the category and a wave of state raids suggest enforcement is starting to land, yet retailers, economists and Labor premiers warn the legislation on foot in Canberra does nothing about the price gap criminals rely on.
Banks praised on illicit tobacco but industry says it’s an excise issue
Labor Member for Hughes David Moncrieff said “AUSTRAC and the banking sector have shut down hundreds of high-risk accounts, terminated merchant services, removed private ATMs used for cash laundering and significantly increased suspicious transaction reporting.”

Metcash's first profit lift in the category and a wave of state raids suggest enforcement is starting to land, yet retailers, economists and Labor premiers warn the legislation on foot in Canberra does nothing about the price gap criminals rely on.

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