A number of these were also discussed in the Financial System Inquiry (FSI). The topic that has attracted most attention is the concerns about excess surcharging on credit cards. In its response to the FSI, the government indicated that it will ban excessive surcharging and give the ACCC enforcement powers. An important element here is to define what exactly constitutes ‘excessive surcharging’.
Tiff and I are pleased to be here with you today to discuss the October Monetary Policy Report, which the Bank published last week.   The global economy has slowed markedly as several downside risks to the projection outlined in the Bank’s July MPR have been realized. Volatility has increased and there has been a generalized retrenchment from risk-taking across markets.