Australia's Albanese government considers banning debit card surcharges by 2026 to reduce excessive consumer fees.
The Albanese government in Australia is considering a ban on debit card surcharges by 2026 to alleviate excessive fees on consumers, who currently pay over $1 billion annually in such charges. Treasurer Jim Chalmers emphasized the need for fairness for both consumers and small businesses. The Reserve Bank of Australia is reviewing the payments system, and the government will provide $2.1 million to the Australian Competition and Consumer Commission to combat illegal surcharging practices.
October 14, 2024
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