The practices of credit card companies and digital wallets are set to become the focus of a new parliamentary inquiry. The announcement comes as shoppers gear up for both Christmas and Boxing Day sales.
Last year, Australians spent nearly $70bn online, a new record. Year on year this spend has been growing by about 12 percent - and is supported significantly by credit card use.
Today the House of Representatives Standing Committee on Economics adopted the inquiry’s terms of reference.
Both card based payment schemes and digital wallets will come under the inquiry spotlight.
The inquiry will give the public the chance to have their say on the fairness, competitiveness and affordability of credit card and payment systems. Taking into account concerns raised by small business, the inquiry will examine the impact and inequity of payment costs on them. It will also look at the way technology may shape the future of payments, with a focus on digital currencies and blockchain technology.
Submissions will be able to be made shortly and the closing date for submissions will be Friday 30 January, 2026. The Committee is expected to report by April, 2026.
Quotes from Committee Chair Ed Husic MP:
“The way credit card systems work, their costs and other impacts on everyday consumers really matters to Australians confronting cost of living challenges,” said Committee Chair Ed Husic.
“After spending up ahead of Christmas, many Aussie consumers will scan a sharp eye over their credit card statements and ask questions about how they’re charged.
“This inquiry will give Australians a chance to have their say on whether they think current payment schemes are fair, accessible, competitive and affordable.
“It’s clear from existing evidence that payment schemes and digital wallets will have growing cost implications for small businesses and consumers. This inquiry offers the opportunity to do a deeper dive into that.
“Running a small business is hard work. Minimising costs and overheads is a priority for Australia’s small businesspeople who are always looking for payment systems that can offer a better deal and make their lives easier.”
Media inquiries
Hon Ed Husic MP
Mobile: 0437 371 372
Parliament: (02) 6277 4108
