Adelaide Miller

But that's also because the issue at hand is not just the surcharges, but also all the behind the scenes fees and charges that happen also to businesses.

So it was it was a big announcement essentially from October.

As I said, there'll be no more surcharging when you go and say buy a coffee in the morning or you go and you're going out for lunch.

We've all become quite used to these surcharges.

And the reason that this

consultation or review, extensive review took place was because the RBA Governor Michelle Bullock said that surcharges are not working as they were intended to.

It was at a time where there were different types of payments, cash payments, and so it gave a

People are reason to pay with cash, but now we're in a time where most people are paying with card and it's not really providing competition because card is the dominant.

Yeah.

I mean, I can't remember the last time I carried cash around with me.

I saw someone paying for their coffee in coins the other day and I just thought, wow, I haven't seen that in a long time.

But the reality is 16% of

will charge a surcharge now.

So that is a lot of people experiencing surcharge all the time.

And the three key takeaways is obviously removing the surcharges, but then also

reducing the cap on interchange fees for businesses and then also having fee disclosures by Visa, MasterCard so that businesses can, I guess, shop around, if you will, about, okay, where are the most competitive fees?

Who do I want to work with here?

And I just want to turn to interchange fees for a second because that is the reason why

Well, one of the reasons why businesses, in particular small businesses, have to add a surcharge to their products when they sell them because

they're getting their own set of fees coming through from these payment platforms or the banks.