Submission: Reserve Bank of Australia – Treasury ATM Taskforce consultations
Consumer Action welcomes the opportunity to contribute to the RBA-Treasury ATM Taskforce’s report on the March 2009 ATM reforms.
The March 2009 reforms can be considered a broad success, both because they have made foreign ATM transaction fees more transparent to consumers and helped many consumers avoid fees, and because they have increased consumer access to ATMs through wider deployment.
However, the reforms have been unable to exert competitive pressure on ATM fees, which was one of the key reasons stated for implementing the reforms, and thus a measure by which they should be judged. In our view, fees are far higher than they should be, and show no sign of reducing without further changes.
To read our submission, click here: Reserve Bank of Australia – Treasury ATM Taskforce consultations.