AUSTRALIANS will no longer be charged extra for using debit or credit cards under changes set to take effect later this year.<\/p>\n
The Federal Government will end card surcharging from October 1, with reforms aimed at reducing costs for consumers and simplifying rules for businesses.<\/p>\n
Local MP Justine Elliot said the change would remove an estimated $1.6 billion in annual surcharges paid by customers, while small businesses could save about $910 million.<\/p>\n
\u201cAustralians should be able to use debit and credit cards without being penalised, that\u2019s what this change will help to deliver,\u201d she said.<\/p>\n
\u201cThe current surcharge rules are difficult to follow and customers are often slugged with surprise surcharges at the checkout, in-store, online or at the caf\u00e9 or pub.\u201d<\/p>\n
The reforms will apply to payments made through eftpos, Mastercard and Visa networks, with the Reserve Bank to amend existing rules.<\/p>\n
\u201cIn late 2024, the Albanese Labor Government announced that we were prepared to ban debit card surcharges to help with the cost of living, in response to this, the Reserve Bank will now take steps to end credit and debit card surcharging from October 1, 2026,\u201d Elliot said.<\/p>\n
She said the package would also lower interchange fees and introduce new requirements for banks and card companies to improve transparency around charges.<\/p>\n
\u201cChanges will be implemented that will reduce costs for millions of small businesses and help them get a better deal.\u201d<\/p>\n
Elliot said businesses on the North Coast would benefit from simpler rules and clearer pricing.<\/p>\n
\u201cSmall businesses on the North Coast will no longer have to wade through complex surcharging rules and will be armed with more information so they can shop around for card payment services that meet their needs.\u201d<\/p>\n
She said the changes would make the payments system fairer and more transparent for both businesses and consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"
AUSTRALIANS will no longer be charged extra for using debit or credit cards under changes set to take effect later this year. The Federal Government will end card surcharging from October 1, with reforms aimed at reducing costs for consumers and simplifying rules for businesses. Local MP Justine Elliot said the change would remove an […]<\/p>\n