The Reserve Bank of Australia announced a sweeping ban on credit and debit card surcharges, a move expected to save Australian consumers approximately A$1.6 billion per year in unnecessary fees. However, the decision comes with a significant trade-off: analysts predict a dramatic cutback in the generosity of credit card rewards and points schemes, which have long been funded in part by merchant surcharge revenue. The ban represents one of the most aggressive consumer-protection moves in Australian financial regulation in years.
Meanwhile, Melbourne residents face cost-of-living pressures from the opposite direction. The City of Melbourne announced it will hike parking charges, fines, and council rates by 8.49 per cent after a one-year rate freeze, adding further strain to household budgets already squeezed by the fuel-price shock.