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Card surcharges will be scrutinised under a crackdown aimed at reducing costs for small businesses and customers, as the federal government threatens an outright ban on fees for debit cards. The Australia n Competition and Consumer Commission will be given an extra $2.1 million to probe fees on debit and credit cards.
The RBA is responsible for regulating the payments system and is conducting a review of merchant card payment costs and surcharging. National Australia Bank boss Andrew Irvine months ago labelled surcharges on purchases made on cards outdated and “outrageous”. He said surcharging may have been warranted two decades ago, and Australia was experiencing a “two-speed economy”. Prime Minister Anthony Albanese said the government was waiting on the central bank to finish its work.
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