Should sledging be totally banned from cricket?

The Aussie way of sledging is personal, abusive and racist in nature and this has caused a lot bad blood to be shed. Such base, vulgar sledging should definitely be banned and the umpires should be empowered to report on them and the penalty should be on geographical progression basis and not on arithmetic progression and be made strict and stringent and to be followed in an unbiased manner without fear or favor.