April
New Zealand proposes law change to deliver CBA, ANZ major legal win
The country’s conservative government has taken the unusual step in intervening in a stoush between thousands of bank customers and the lenders with new laws.
Why this PwC and big bank agitator is running for the Senate
Law academic Andy Schmulow has had enough. Big companies are too powerful and corrupting democracy, he argues. And he wants to ask them the hard questions.
January
Mastercard and Visa resist RBA plan to force fee disclosure
The US card giants are pushing back on the central bank’s objective of making their charges more transparent.
Banks pick fight with RBA over wholesale payment fees
The central bank is considering stricter caps on “interchange fees” in its review of payment costs. Worth $2.1 billion annually, squeezing this could hurt competition.
December 2024
Debit surcharge ban unfairly favours major banks, claims Square
The Block subsidiary introduced “blended” card payment fees which include using its software. They have become a flashpoint in the RBA’s payment cost review.
How CBA’s $3 fee gambit nearly blew up the bank’s political capital
Bankers inside Commonwealth Bank’s retail division figured a small branch cash withdrawal charge was innocuous. They were wrong.
CBA backs down on withdrawal fee after Chalmers leans on Comyn
Treasurer Jim Chalmers had called the $3 charge for branch withdrawals “unacceptable”. Australia’s largest bank reconsidered.
Restaurants warn fee ban will lead to prices to rise
The government’s proposal could see credit card users doubly penalised by paying higher prices, and face an additional surcharge set around 2 per cent.
November 2024
APRA warned Cuscal on risk settings ahead of IPO
The payments company, set to list on the ASX next week, is working with the regulator to improve compliance systems after an external review disclosed in its prospectus.
October 2024
NSW baulks at refunding $144m unlawfully taken in card fees
Service NSW and Revenue NSW government levied residents $144 million in card fees over eight years despite the government having legal advice it was unlawful
Small businesses fear payments squeeze in surcharge ban
Business owner Rob Anderson says payment processing costs have jumped “exponentially” with 80 per cent of customers now using card and digital payments.
Payment giants threaten to halt refunds for fraud
The two payment network giants have threatened to stop providing refunds to defrauded customers if forced to limit how much they charge for their services.
Labor to ban debit card payment surcharges
The Albanese government is attempting to ease financial pressure on families ahead of a federal election next year. But the change could hurt small businesses.
Chemist Warehouse goes to war with card fees – using QR codes
The pharmacy and retailing giant pays $15 million in transaction costs every year. Now it has signed on to a new NAB-backed system that circumvents them.
Mark Carnegie pushes Circle’s USD Coin to Australia’s super funds
MHC Digital says USDC, which has a market cap of $50 billion, could be used by big institutional investors to bypass banks and save hundreds of millions of dollars.
September 2024
Apple, Google respond to payment cost heat by backing eftpos
The US tech giants will enable “least-cost routing” for new cards on their smartphones to try to help merchants save costs by avoiding Visa and Mastercard.
August 2024
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
Card payment surcharge billions under RBA microscope
The RBA has brought forward an inquiry into card payment costs amid increased political scrutiny of the estimated $4 billion that Australians pay in fees each year.
July 2024
ACCC wants banks to make foreign exchange calculators more accurate
The regulator has proposed changes to FX calculators to ensure banks subtract fees, so customers have genuine transparency.
The top 10 deals where bankers won big fees in the past year
The country’s largest investment banks shared in an estimated $600 million payday – from capital raisings to IPOs in everything from NextDC to the ailing Star.