Australian Prime Minister Anthony Albanese emphasized that the proposed ban on debit card surcharges is aimed at easing the cost of living for households and protecting Australians.
Treasurer Jim Chalmers stated that the ban would ensure better deals for consumers and lower costs for small businesses, asserting that consumers shouldn't be punished for using digital payments.
The Reserve Bank of Australia estimates that nearly 1 billion Australian dollars are lost annually to unfair surcharges, making this move significant in reducing consumer costs.
The trend towards cashless payments has accelerated since the COVID-19 pandemic, with RBA data showing a decline in cash transactions from 32 percent to 16 percent between 2019 and 2022.
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