RBA Bans Credit Card Surcharges

The Reserve Bank of Australia has announced that it will ban businesses from passing on credit card surcharges directly to customers, starting from October 1. This move is expected to boost cash payments as businesses may increase their prices to cover costs such as taxation, wages, superannuation, and work cover, according to local business owner Calum Haygarth.

Nursery owner Calum Haygarth stated that 'businesses would have to increase pricing slightly to cover costs including taxation, wages, superannuation and work cover.'

Economist John Hawkins pointed out that cash also has hidden costs, including handling, collection, and banking.