Original article by James Eyers
The Australian Financial Review – Page: 12 & 17 : 1-Apr-26

Treasurer Jim Chalmers says the Reserve Bank of Australia’s decision to ban credit and debit card surcharges from 1 October will provide cost-of-living relief for consumers and businesses. The federal government itself had previously committed only to banning debit card surcharges. The RBA estimates that the move will save consumers about $1.6bn a year; however, Alan Machet from Visa warns that credit card fees and interest rates will rise, while the RBA has conceded that some businesses may seek to offset the abolition of surcharges by increasing their prices. The central bank has also advised that the cap on interchange fees for credit cards will be reduced to 0.3 per cent of the value of a transaction, compared with 0.8 per cent at present.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, VISA INTERNATIONAL