Episode Details

The Reserve Bank of Australia abolishes surcharge fees on debit and credit card transactions, effective October 1st, after years of businesses pushback. This move aims to simplify payments and reduce costs for consumers, who currently cover 80% of the $1.8 billion annual surcharges. Small businesses stand to save $185 million, with 90% expected to benefit from lower interchange fees. The Treasurer supports extending this change to credit cards, potentially streamlining transactions for all.

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