Credit-card reform goes to the RBA
Australia's big banks, which have been negotiating with the regulator for several months over the matter, said they were surprised by the Australian Competition & Consumer Commission's (ACCC) decision, despite the Reserve bank's reluctance to get involved.
The ACCC wants the central bank to designate the payments system or set standards for access and fee-setting. The ACCC said the banks have been uncooperative and that they have breached competition law. It said the Reserve Bank can achieve faster reform.
Relations between the banks and the ACCC have soured considerably.
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