ACCC APPROVAL SOUGHT TO REDUCE EFTPOS INTERCHANGE FEES TO ZERO

Sydney, 21 February, 2003: Banks, building societies and credit unions have today lodged with the Australian Competition and Consumer Commission (ACCC) a proposal to reduce interchange fees of EFTPOS transactions in Australia to zero. Formal approval, or authorisation, for the proposal is being sought from the ACCC under the Trade Practices Act 1974 and the proposal is accompanied by a supporting submission outlining the public benefits. Click for: Joint Media Release Submission lodged with the ACCC Interchange Fee Agreements Schedule 1 Deed Poll Form A Exclusionary Provisions Form B Agreements Affecting Competition