You are probably sick of hearing about the latest piece of idiocy from our political overlords. I know I am, but something that you should pay attention to is when they decide to impose restrictions on you without any clear mandate from the electorate....
I am not a lawyer, so the implications of the proposals on both side of the Pacific by the US and Oz federal governments are being interpreted by me in "simple English". I haven't include links to the various Laws / Statutes because there are simply so many. Just go google "reporting bearer negotiable instruments" for your government (the link is for the Oz ".gov.au".... just drop the ".au" for the US).
That said, the limit on CASH (or equivalent blah, blah, "instruments") being carried IN TO or OUT OF either country is $10,000. That has to be declared when you pass through customs.
As others have said, I don't really see a problem with that as it is currently defined. I'd be nervous carrying that much cash (USD$ or AUD$) when travelling internationally. Anyone who seems to see a need to carry that much "negotiable monetary instruments" internationally is likely as not trying to hide something. Either taxes, duties or the legality of their purpose.
However, the US Congress has gotten it into its collective head to place a limit on those same "negotiable monetary instruments" (ie: CASH) when you carry it around WITHIN your own country.
Disturbingly the Oz federal nutters are making noises of a similar idiotic nature.
Ok, I get it. Someone carrying 100's of $1000s of dollars is probably doing something shady. But setting the proposed limit at the same as the cross-border transfer one of $10k is ludicrous. Think for ONE second how much things cost and how much you get for a "cash discount".... For those not familiar with the problem here, there are ceilings / limits on EFTPOS transactions, ATM withdrawls and bank-to-bank transfers. Want to guess how LOW those limits are ?
The limits vary a little from bank to bank and between countries, but for Oz, the typical ATM tops out at $1k, EFTPOS at between $1k and $2k, and the bank-to-bank daily limit at $10k. The limits on non-prepaid credit cards is massively higher (think buying a new car with a CC... it happens).
So when you negotiate that marvelous discount off your new lounge, white goods, home theatre or car, you had better think about how you will actually make the payment.
Having haggled a large discount on a used car by offering a cash settlement on the day (end of month for the dealer, so he had an incentive), I know that EFTPOS, ATM and bank-to-bank were not options. My only recourse was to front up to a bank teller at a business branch (not just any old branch due to size of withdrawl... I phoned ahead to find out what I had to do), sign an actual piece of paper and enter my PIN and acknowledge that I knew the bank would report the transaction as required under Law. All that was fine by me and the bank and the dealer.
However, under the proposed Law for the USA (and likely as not heading for Oz), the fact of carrying that amount of physical currency without the appropriate government forms would lead to forfeiture (ie: they get it and I can never claim it back, even in court) plus the added problem of arrest and imprisonment for 5+ (at least) years.
If you think your (US or Oz) government is seriously doing this to "fight drugs" and/or "fight terrorism", you might want to think again.
Included in the proposed Bill is an attempt to bring control of Bitcoin and other cryptocurrencies under the same umbrella of Laws and strictures that apply to physical currency. If you don't believe that this is happening, do a quick google of the proposed Bill. Here's one search link as an example; Google Search "Senate Bill 1241".
And finally, for those "stackers" who think shifting any of their savings into precious metals will mitigate the risk, that is a possible solution, but not without its own risks. Quite apart from the need to keep it OUT of any financial or government-run institution (look it up), keeping it safe somewhere you can get at it and not have it stolen or seized is a bit problematic, except possibly for "preppers". But do not forget that what amounts to legalised theft by your government is not beyond the realms of possibility... they HAVE done it before back in the USA in the 1930s.... (have a read....Gold Reserve Act of 1934).
Always remember; the price of freedom is eternal vigilance.... (never trust a desperate, bankrupt or corrupt government)...