Overview

• The Reserve Bank’s consultation paper proposes scrapping all debit and credit card surcharges to save consumers about A$1.2 billion annually.
• It recommends cutting merchant interchange fee caps to deliver roughly A$1.2 billion in annual business savings and benefit 90% of small firms.
• Card networks and payment providers would be required to publish the fees they charge to boost transparency and spur competition.
• The six-week consultation runs through August 26, with a final report due by year-end and reforms slated for implementation in July 2026.
• If networks do not adopt the changes voluntarily, the RBA will urge federal legislation to enforce the ban, with American Express unaffected without separate regulation.