ACCC to monitor credit card reforms under bill
Under a bill introduced into federal parliament yesterday by the Opposition banking services spokesman Alan Griffin, the Australian Competition and Consumer Commission would monitor the Reserve Bank's reforms to the credit card system, to ensure that consumers and small businesses don't get exploited.
Mr Griffin said the action was necessary so that consumers and small businesses will have the estimated $400 million in reduced interchange fee savings passed on to them. He said that there's a real possibility that the cost savings may never reach customers, because no agency has the power to ensure it happens. His bill would give the ACCC powers to deal with price exploitation arising from the reforms.