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01:05
Australian government flags move to ban card payment surcharges
STORY: Australian government flags move to ban card payment surcharges
SHOOTING TIME: Oct. 17, 2024
DATELINE: Oct. 18, 2024
LENGTH: 00:01:05
LOCATION: Canberra
CATEGORY: ECONOMY
SHOTLIST:
1. various of card payment
2. various of the Australian Competition and Consumer Commission
3. various of people shopping
STORYLINE:
The Australian government has announced a crackdown on card payment surcharge fees.
Prime Minister Anthony Albanese, Treasurer Jim Chalmers and Finance Minister Stephen Jones on Tuesday announced that the government is prepared to ban debit card surcharge fees at the point of sale from 2026 subject to further work by the central bank, the Reserve Bank of Australia (RBA).
In the meantime, they committed 2.1 million Australian dollars (1.4 million U.S. dollars) in funding for consumer watchdog, the Australian Competition and Consumer Commission (ACCC), to tackle excessive surcharges.
According to the RBA, which is responsible for regulating payment systems, Australians lose a combined 960.2 million Australian dollars (645.6 million U.S. dollars) every year in card payment surcharges.
Xinhua News Agency correspondents reporting from Canberra.
(XHTV)
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