An RBA survey, released today, shows that the number of credit and debit card payments have eclipsed the use of cash and is a stark reminder to Malcolm Turnbull that he can no longer continue to ignore the need to boost consumer protections on credit cards.
Almost 12 months ago Malcolm Turnbull promised to reform credit card laws but to-date nothing has happened.
Treasury even confirmed in the recent Senate Estimates that these reforms were not on the Government’s legislation priority list.
With more Australians signing up for credit cards and using credit or debit cards as their most common form of payment method on spending less than $10,000, its essential that the appropriate protections are in place to ensure Australians aren’t getting ripped off.
Banking customers have been paying the price for credit cards with hidden fees and charges, high interest rates, expensive reward programs and late payment fees for way too long. With Australians paying a whopping $5.5 billion each year in annual interest costs alone it’s time for the Prime Minister to deliver on these much needed reforms.
Labor is supportive of these reforms and urges the Government to prioritise credit card reform legislation and bring it to the Parliament as soon as possible.
THURSDAY MARCH 16, 2017.
Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.