This is an issue the RBA will be working on over the months ahead. We will also be working closely with Treasury and with the ACCC as the necessary legislation is developed. BIS central bankers’ speeches  3  Another relevant topic is the appropriate level of the interchange benchmarks in the card systems and the compliance arrangements around those benchmarks.
We are continuing to consult on whether it is in the public interest for these benchmarks to be lowered. In terms of compliance, perhaps not surprisingly, the schemes have become increasingly adroit at maximising interchange fees while still complying with the benchmarks. We have seen interchange pricing become increasingly complex, with significant price discrimination between merchants.