ATO credit card ban delayed following small business backlash
The Australian Taxation Office has delayed a planned ban on credit card surcharges following backlash from small businesses concerned about cash flow. The government is providing additional funding to manage the transition, as businesses have been passing on transaction costs to consumers.
Why it matters
The policy reversal reflects the tension between cost-of-living relief efforts and the practical economic realities faced by small business owners.
— 11:55am , first published 11:26am
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Share A A A A ban on credit card surcharges touted by the prime minister and treasurer as cost-of-living relief could raise inflation and put upward pressure on interest rates, economists say, as frustration grows among Labor MPs and ministers over the economic competence of the cabinet’s top brass.
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