Why a card surcharge ban might lead to higher prices | ABC NEWS

The Reserve Bank of Australia (RBA) will remove surcharges on debit and credit cards, saving consumers and businesses about $1.8 billion each year. The RBA's new reforms will remove surcharges on card networks including eftpos, Mastercard and Visa. The ban is expected to save consumers about $1.6 billion in surcharge fees each year, with businesses saving $200 million in surcharge fees annually. RBA governor Michele Bullock says surcharging is no longer working as intended and it has become harder for people to avoid surcharges. ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook: http://facebook.com/abcnews.au Follow ABC NEWS on Instagram: http://instagram.com/abcnews_au Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia