Government promises to ban debit card surcharges by 2026
Debit card surcharges for customers using a card or a mobile phone to pay for products could be banned by 2026. The Albanese Government plans to implement the ban if it can guarantee consumers and small businesses would benefit from the move.
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00:00This is really a threatened ban that the government is talking about. It's saying it will potentially
00:07ban these surcharges by 2026, but it would rather the payment processes and banks actually
00:15ban them first themselves. The government says that this is something that's costing
00:20people $4 billion a year. Each time you tap your debit card or even your phone, you end
00:26up paying just a little bit extra on that, and the government says, particularly because
00:31it's a debit card, that is your money and you shouldn't be paying it. They are, however,
00:37saying that it will be subject to review and it's something that they will consider if
00:42there's no action taken by the payment processes. It hasn't been too well received by the Coalition
00:49or the Greens. We've heard from the Coalition this morning who say it's not really enough.
00:55We spoke to, or Peter Dutton spoke about it a little earlier.
00:59This is actually a plan for a plan. This Prime Minister always promises but never delivers.
01:04We're very happy to look at anything the government's going to propose, but it's not an announcement.
01:10It's just that they're looking at it and it could come in in 2026. Australian families
01:14need help now from this government. Instead of making good decisions, the government's
01:18made bad decisions.
01:19I don't think this call goes far enough. Rubber doesn't hit the road until 2026. I think
01:28people are struggling right now. I am worried that the government's squibbing it on credit
01:32cards. This is only for debit cards. A lot of people are paying for their groceries and
01:39their everyday items with their credit card and being slugged fees as well. I think we
01:45need to make sure it's the bank that covers the cost of this, not the consumer and not
01:51the small businesses. The government says it's given $2.1 million to the ACCC, which
01:57is the body that will review this, and there is a consultation paper out today.