Reserve Bank wants to end debit and credit card surcharges from 2026

ABC NEWS (Australia)

The Reserve Bank wants to end debit and credit card surcharges in Australia in a move it says would save consumers 1.2 billion dollars per year.

Transcript

00:00So, late last year, the federal government announced that it wants to ban charges, consumers

00:08being charged for debit card transactions, but that would be subject to the RBA review.

00:13Now, that RBA review has happened, they've undergone consultation with many stakeholders,

00:19including small businesses and merchants and banks, and what they've proposed is even a

00:26step further of not just banning debit card fees, but also credit card fees that the consumer pays.

00:34Now, the question has long been, well, then, who pays that fee if the consumer's not paying?

00:39At the moment, small businesses were passing that cost on to the consumer.

00:43Now, the small business is going to have to wear that cost.

00:47The small businesses, this is likely to be very confusing for them.

00:51A lot of them have, in recent years, made the decision to pass that cost on to the consumer,

00:56because they weren't able to bear it.

00:58And small businesses now may have to hike their prices that they charge consumers in order

01:05to be able to cope with this.

01:07The federal government now has to look at what the RBA has proposed.

01:12They're going to undergo another period of consultation until around the end of August.

01:17And then, if they agree with what the RBA is proposing, this would be implemented by July

01:23next year.

01:24But one thing that they're really probably likely to get pushback on is small businesses

01:30saying, you know, this is unfair.

01:32Why do we have to pay?

01:33Why don't the banks pay here?

01:35And the question the government now needs to answer is whether if small businesses are

01:40actually going to pass this cost on to the consumer, this is actually beneficial for the consumer.

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