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Albanese, Chalmers and RBA Face Nasty, Brutish Fight … to Save You $60 a Year
AUSTRALIA, JUL 13 – The Reserve Bank of Australia expects removing card surcharges and lowering interchange fees to save consumers and businesses $1.2 billion each annually by improving payment cost transparency.
- Treasurer Jim Chalmers announced the government will ban fees on debit and credit card transactions starting from early 2026 in Australia.
- The ban follows a Reserve Bank of Australia review recommending scrapping surcharge fees and lowering interchange fee caps due to high costs and inefficiencies.
- The review found 90% of small businesses would benefit, gaining $185 million collectively, while consumers could save more than $1 billion annually.
- RBA Governor Michele Bullock emphasized the need to tackle the excessive expenses and inefficiencies within the payments system, noting a decline in cash usage among Australians.
- The policy faces resistance from large card issuers who stand to lose about $900 million yearly and may prompt government legislation amid a challenging battle ahead.
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16 Articles
Ditching surcharges would save $1.2b: RBA
The central bank has recommended that surcharge fees on both debit and credit cards be scrapped. (David Crosling/AAP PHOTOS) By Alex Mitchell Australia’s central bank wants to remove surcharge fees on debit and credit cards in a move it expects would save consumer more than $1 billion. The Reserve Bank of Australia’s review of merchant card payment costs recommends the fees be scrapped on EFTPOS, Mastercard and Visa card transactions as they don…
·Canberra, Australia
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Total News Sources16
Leaning Left5Leaning Right3Center0Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
R 38%
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