Australia: People using credit cards less

Melbourne’s The Age reports on Reserve Bank of Australia (RBA) governor Ian Macfarlane’s comments to the Australian House of Representatives Standing Committee on Economics, Finance and Public Administration.

“I think it’s partly because merchants have more freedom to accept or reject the credit card,” he said. “More particularly, they have the freedom to pass on the cost that they get hit with from the banks to the customer and therefore give the customer the option of using a more efficient and cheaper form of payment than the credit card. We are starting to see some signs of that coming through, not on a big scale but we have seen signs of that happening and that was one of the purposes of the reform of credit cards.”

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