Calls for ACCC to oversee card reform
The Federal Government has come under pressure from business groups and Labor to give the ACCC powers to ensure that consumers and retailers benefit from the Reserve Bank's credit card system reforms.
The Motor Trades Association of Australia said it backs calls to allow the ACCC to oversee the introduction of the reforms, while the Council of Small Business Associations said that mechanisms must be put in place to make sure that savings are passed on.
The Council's CEO Mike Potter said that small businesses pay up to 4 per cent of every credit card transaction in fees. There will have to be some sort of price surveillance approach to see that the new processes are followed correctly, he said.
Labor's finance spokesman Stephen Conroy said that his party will introduce a bill to authorise the ACCC to supervise the implementation of the reforms.