Overview

• The RBA has launched a six-week public consultation running until August 26 on proposals to eliminate surcharge fees for EFTPOS, Visa and Mastercard transactions by July 2026.
• The package would cap and reduce interchange fees paid by merchants, with the bank estimating about 90% of businesses would benefit and small enterprises seeing the largest gains.
• To foster competition, the RBA would require card networks and large acquirers to publish wholesale fee schedules for greater pricing transparency.
• Governor Michele Bullock said surcharges no longer steer consumers toward cost-efficient payment methods as cash usage has fallen to 13% of transactions.
• If card networks fail to adopt voluntary no-surcharge rules, the RBA intends to recommend that the federal government enact a binding ban.