Vaucluse residents are set to protest the phasing out of the $100 note after the government flagged a review of the country’s highest-denomination banknote in a bid to crack down on the “black economy”.

There are currently 300 million $100 notes in circulation, with 97 per cent found in the wallets of Vaucluse residents.

“This is blasphemous,” one Vaucluse man said. “There’s no way my wallet could fit enough fifties to pay for day-to-day expenses. I’d have to have one of my servants tow a wheeled cart full of notes everywhere I go, which would obviously be ridiculous.”

“You can hardly buy a coffee with a $50 note, let alone a side of lobster!” another outraged local said. “If anything, they should scrap the $20 note. That thing is embarrassing.”

The government is determined to do whatever it is the wealthy residents request.