RBA Surcharges hope that it is banned altogether

[marki]

Commonwealth Bank has urged the Reserve Bank to outlaw the practice as part of the RBA’s review of Australia’s payments framework to ensure the system is fit for purpose. The Labor government wants to ban surcharges on debit card purchases ahead of a federal election where cost-of-living pressures are top of voters’ minds.

• Current Sentiment: There have been calls from some quarters, including posts on X, suggesting that the RBA should ban all debit surcharges, viewing them as an unfair cost passed onto consumers. However, this is yet to translate into policy change, as the RBA maintains its current framework on card surcharges.
  https://x.com/gerardmmkl/status/1880226637285060723

In summary, the RBA allows debit card surcharges but with strict guidelines to ensure they reflect actual costs, aiming to balance consumer protection with the realities of business expenses.

Major banks split on surcharge overhaul as complaints surge

There is no consensus over the way forward for Australia’s controversial system of charging extra for card payments.

www.afr.com

 

[moa999]

Don't disagree that lowest cost routing rules should apply which would push Visa and MC Debit cards via cheaper routes.

But equally we all need to understand that this probably means the blended (where applicable) surcharge for credit cards probably increases under the current rules.

In the last few months I have seen more businesses applying higher surcharges for Amex Vs Visa/ MC