Our response to the RBA’s merchant card payment costs and surcharging review

Macquarie Bank has today welcomed the Reserve Bank of Australia’s (RBA) considered package of reforms following its review of the way card payments and surcharging are regulated.

Olivia McArdle, Head of Deposits and Payments at Macquarie Bank, said: “We believe the RBA’s reforms will deliver substantial value to Australian consumers and businesses.

“These changes remove the fees charged to Australians for spending their own money using a debit card. We also look forward to seeing merchant fees reduce through greater competition and transparency, to the benefit of small businesses and consumers.

“Reforms of this nature are never easy and while aspects of our submission were not adopted, we applaud the RBA for their consultative and thorough review and the federal government for its initiative in commissioning it.”