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On credit card surcharge talk to ACCC: RBA

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AAP

2013-02-22

A crackdown on credit card surcharges would be a job for the competition regulator, the Reserve Bank of Australia says.

At his appearance before a parliamentary committee on Friday, RBA governor Glenn Stevens was asked about surcharges that are applied for paying by credit card or making payments over the counter.

"We hear of course concerns about - the popular term would be gouging," Mr Stevens said in Canberra.

"I think the situation is that some of these entities would have a fair bit of market power.

"We don't have the power to directly regulate those corporate entities.

"I don't like it but we (the RBA) don't seem to have the power to change it."

Mr Stevens was asked whether the use of this market power was in the consumers' best interests and how it could be stopped.

"I don't think it would be us (the RBA), it might be the ACCC," he said.