Labor welcomes the RBA consultation paper on the Review of Card Payments Regulation and notes the Government’s Competition and Consumer Amendment (Payment Surcharges) Bill 2015 introduced to the Parliament today.
Labor has been calling for action on disproportionately high credit card fees for months.
Evidence presented at the Senate Economics References Committee Inquiry into Credit Cards has shown that families and small businesses are being dudded by high credit card fees.
Australians deserve better when it comes to the fees charged by banks and merchants on card transactions.
Labor will carefully consider the recommendations of the Review of Card Payments Regulation and the Government’s Bill, with an eye to a fairer deal for Australian consumers.