Productivity Commission savages financial regulatory system

Australia’s ‘Four Pillars’ banking policy is redundant, there is not enough competition in the insurance industry, and the banks are using their market power to gouge their customers. That’s what the Productivity Commission thinks. The independent government agency has released its Draft Report on Competition in the Australian Financial System. It does not paint a […]

RBA to cap credit card surcharges

By Lilia Guan The Reserve Bank of Australia has decided, during a Payments System Board meeting, to vary the Standards relating to merchant surcharging on credit and scheme debit cards.   The variation allows card scheme rules to limit surcharges to the reasonable cost of card acceptance.   According to the Reserve Bank the variation […]

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