Australia's payment system overhaul looms. The RBA's Payments Systems Board is preparing major reforms targeting the big four banks and Visa-Mastercard, which collectively captured billions in fees last year. Australian businesses paid card scheme operators approximately two billion dollars in net scheme fees during 2024-25, representing an eleven percent annual increase. The board is considering strict limits on debit and credit card surcharges alongside sharp cuts to interchange rates. With a decision expected by end of March, the critical question remains whether Treasurer Jim Chalmers will support aggressive bank fee reform or protect the oligopoly's interests. The outcome will significantly impact retail costs and consumer pricing across the economy.
