Australia

295 readers

1 users here now

Your one-stop shop for any and everything Australia.

Guidelines:

Try to be a decent person and interact nicely
Different opinions are tolerated, hate is not.

Other Communities:

founded 6 months ago

MODERATORS

Deceptichum@quokk.au

Card surcharge con. Big banks win, consumers pay (michaelwest.com.au)

submitted 4 days ago by Deceptichum@quokk.au to c/australia@quokk.au

1 comments fedilink hide all child comments

When the Reserve Bank of Australia announced last week that it would ban all debit and credit card surcharges from October, RBA governor Michele Bullock framed it as overdue consumer relief.

What she did not say is that every small business in Australia that can no longer pass on card costs transparently will now build them into prices instead, feeding directly into the inflation measure Bullock herself is charged with taming.

you are viewing a single comment's thread
view the rest of the comments

[–] j4k3@lemmy.world 1 points 4 days ago

It is the worst of criminal scams to ameliorate the charge. It is literature making the currency irrelevant and negotiable.

The most important transaction in business in the smallest in almost all circumstances. When the smallest viable transaction is raised it hurts a disproportionately large number of people and opportunities for a relative few in a meaningless way. There is no reason for this skimming scam to be passed on.