Australia proposes eliminating card surcharges, saving consumers over $1 billion yearly.

Australia's Reserve Bank suggests removing surcharge fees on debit and credit cards, potentially saving consumers over $1 billion annually. The proposal also includes lowering interchange fees paid by businesses, benefiting small businesses by $185 million. The RBA aims to increase transparency by requiring card networks to publish their fees. The changes will undergo a six-week consultation and won't take effect until July 2026.