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From October 1, Australian businesses cannot add card surcharges and the interchange-fee cap is 0.3%; the RBA says consumers will save $1.6 billion annually. NSW businesses are absorbing fees or raising prices, while the ATO's November 30 credit-card cutoff has drawn backlash.
The surcharge ban is expected to save consumers annually.
The RBA lifted its cash rate target by 0.25 percentage points to 4.6% on September 29, the highest since late 2011. Consumer confidence then fell sharply, with the post-decision index reaching its lowest level since the late 1990s.
AllegedThe RBA was expected to make its fourth cash-rate increase in 2026.
Australia's unemployment rate was 4.5 per cent.
An IMF scenario involving prolonged Middle East disruption and oil prices reaching $US130 a barrel could raise Australian petrol prices, increase inflation and add pressure on the Reserve Bank to raise interest rates.
In the IMF scenario, global oil prices reach $US130 a barrel between the fourth quarter of 2026 and the first quarter of 2027.
The Reserve Bank of Australia’s cash rate reached 4.6% after its September meeting.
The Reserve Bank of Australia raised interest rates for the fourth time this year.
The RBA said Australian borrowers remain generally able to withstand falling house prices, but warned overseas risks including an AI investment shock, bond-market sell-off, conflicts, cyber attacks and climate disruption could cause broader financial instability.
Borrowers in negative equity accounted for less than 1 per cent of borrowers.
The Reserve Bank unanimously raised the cash rate by 25 basis points to 4.6 per cent. Annual headline inflation rose to 4 per cent in August from 3.5 per cent in July, while trimmed mean inflation stayed at 3.6 per cent. Fuel prices rose 15 per cent.
Government spending as a share of GDP after the reported increase was