[adning id=”12070″]

[adning id=”12070″]

Calls for Albanese Government to mandate least-cost routing to lower expenses for SMEs

Retailers are continuing to call for the Albanese Government to lower expenses for small and medium-sized businesses by mandating least-cost routing.

The latest Retail Payment data for July released by the Reserve Bank showed a 27.3 percent increase in total card payments year on year, of which the payment fees, as well as the current inflationary and interest rate pressures, are being passed on to consumers to cover the cost.

National Retail Association Chief Executive Dominique Lamb said as one of Labor’s election promises, the least cost routing, and lower merchant fees need to move to the top of the agenda.

“SMEs are disproportionately impacted by steep transaction fees and are offered no protection from the possibility of merchant fees exploding.

“Critical action is needed to stop these businesses from paying more for their payment services. For too long we have been hit with unnecessarily high fees from the big credit networks when there is another cheaper option.


“Without action on this issue, this is another cost increase for struggling businesses that will be passed on to consumers.

“The modern retail environment calls for default least-cost routing for all in-store and online debit card transactions to be implemented.

“Australia needs an updated regulatory system for debit payments that reflects modern retail.”


Leave a Reply

Your email address will not be published. Required fields are marked *


Get breaking news delivered
This field is for validation purposes and should be left unchanged.


Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?