Story perspectives

RBA to Eliminate Card Surcharges, Saving Consumers $1.6 Billion

3/31/2026

Summary

Story summary

The Reserve Bank of Australia will eliminate debit and credit card surcharges by October 2026, saving consumers $1.6 billion annually.
The reforms will lower interchange fees for businesses, potentially saving about $910 million annually.
RBA Governor Michele Bullock said surcharging has become complex and confusing for consumers.
The Australian Banking Association warns reforms could disadvantage local banks and raise prices.
Experts predict businesses might raise prices to offset revenue loss.

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Story summary

The Reserve Bank of Australia will eliminate debit and credit card surcharges by October 2026, saving consumers $1.6 billion annually.
The reforms will lower interchange fees for businesses, potentially saving about $910 million annually.
RBA Governor Michele Bullock said surcharging has become complex and confusing for consumers.
The Australian Banking Association warns reforms could disadvantage local banks and raise prices.
Experts predict businesses might raise prices to offset revenue loss.