RBA Payments Chief Defends Surcharge Ban, Citing Clearer Prices

Conceptual illustration of a card terminal and blank receipt in a Sydney cafe

Updated: 21 October 2026, 5:24 a.m. AEDT (Sydney)

The Reserve Bank of Australia’s payments policy chief, Ellis Connolly, defended the card surcharge changes at a Sydney conference on Tuesday, saying consumers should be able to pay the price they see advertised.

Speaking at the AFIA Conference on 20 October, Connolly said cards now account for 75 per cent of consumer payments. He said the RBA was monitoring implementation and wanted greater clarity for shoppers at checkout.

For businesses, he said the bank was looking for reductions in interchange charges to flow through to the fees merchants pay their payment providers. Domestic interchange changes took effect on 1 October, while adjustments for international cards are due on 1 April.

Connolly also pointed to requirements for large merchant payment providers and card networks to publish more fee information. The aim is to help businesses compare providers and identify better deals.

The comments came after the surcharge ban took effect earlier this month. The Australian Financial Review independently reported his defence of the changes on Tuesday. The RBA’s official conference transcript sets out his remarks on prices and merchant costs.

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