Matt Grudnoff
Senior Economist

Stop the presses. Billionaire thinks we should have less regulation.

James Packer has let loose on Dan Andrews in an interview, saying the former premier surprised Crown Casino with a new tax in 2022. Packer claims new regulations not allowing casinos to use cash puts them at a huge disadvantage to pubs and clubs who can allow punters to gamble with cash.

Packer sold Crown Casino in 2022, halfway through the investigation. But he is still interested in how it operates. In the interview he said, “I think it’s outrageous what’s happening to the casinos in Australia”.

For those who don’t remember, these rules were changed after recommendations from the Victorian Royal Commission into Crown which variously described Crown’s behaviour as “disgraceful” as well as “illegal, dishonest, unethical and exploitative.” It found an “alarming catalogue of wrongdoing”, with repeated breaches of money laundering and links to criminal gangs.

Crown agreed to pay $450 million in fines over breaches of anti-money laundering and counter-terrorism financing laws.

So, should Victoria soften regulation on casinos?

Australia Institute research shows Australians gamble more than any other nation, with troubling rates of gambling for those 18 to 19 years olds.

What this sorry saga with Crown Casino, as well as Star Casino in Sydney, tell us is that this is an industry that needs strong regulation.

Gambling causes significant harm in Australia and governments at both the federal and state levels should be restricting what this industry can do.