Merchants paint Eftpos designation as contrived

The Australian Retailers Association yesterday charged the Reserve Bank of engaging in a contrived and misconceived exercise, elements of which amounted to artifice, in their decision to regulate wholesale bank fees on Eftpos. The merchants want the court to set aside the RBA’s decision on the grounds of a flawed process. The merchants are arguing that the RBA messed the whole regulatory exercise up in some mix of muddled investigations spiced with preconceived ideas. The case in the Federal Court will run for another week, with closing submissions in late June.