Reserve Bank Wants to End Card Surcharges, Consumers Predicted to Save $1 Billion

Ironically, small business representatives are wary of reform, warning costs will simply become hidden.

An image of a Brisbane City Council parking payment machine—with a notice about card surcharges—under King George Square in Brisbane CBD, Australia on Dec. 7, 2024. Daniel Y. Teng/The Epoch Times

Consumers would save $1.2 billion a year under a proposal from the Reserve Bank of Australia (RBA) to scrap surcharge fees on both credit, debit, and EFTPOS cards.

At present, the surcharge adds about $60 a year per card-using adult to the cost of banking.