Unlike in the UK and the European Union where card surcharges are banned, retailers in Australia are allowed to recoup their payment costs through surcharging their customers, as long as they are not making a profit out of it.
Unlike in the UK and the European Union where card surcharges are banned, retailers in Australia are allowed to recoup their payment costs through surcharging their customers, as long as they are not making a profit out of it.
“Australian Banks profit nearly $1 billion a year from card surcharges as RBA does nothing”
I don’t think the banks see much of that money. It mostly goes to infrastructure companies such as Visa (who guarantees a refund if your card is stolen) and Telstra (network infrastructure isn’t free) and of course the actual card processing hardware itself isn’t fee either.
I would be curious to see how much money Australians save by not paying a million people to handle cash (which they generally do poorly).
In any case, the RBA tut tutting will change precisely nothing.