Central Banking

MasterCard takes a swipe at RBA

The long running dispute between the credit card companies and Australia's reserve bank continued this week as legal action got under way. The action concerns alleged misconceptions by the Reserve Bank of its obligations under the Payments Systems (Regulation) Act 1998.

The Reserve Bank and MasterCard International are at odds about what evidence should be produced as they square off for next year's landmark court case contesting the central bank's right to reform Australia's credit card system.

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