Australian Government Targets Debit Card Surcharges in Major Financial Reform

The Albanese administration plans to eliminate debit card surcharges by 2026 to alleviate consumer costs, aligning with international standards.

Prime Minister Anthony Albanese announced a proposal to ban debit card surcharges, aiming to reduce financial pressure on Australians.
The initiative includes over $2 million in additional funding for the Australian Competition and Consumer Commission to monitor excessive fees.
Changes are expected to take effect in January 2026, pending reviews by the Reserve Bank of Australia.
The plan seeks to align Australia with the UK and parts of Europe, where similar surcharges are already banned.
Critics argue that the delay until 2026 may prolong consumer burden, while businesses express concerns over absorbing transaction costs.