EFTPOS AND CREDIT CARD REFORM – CONSUMERS WILL BENEFIT WHEN RETAILERS PASS ON THE SAVINGS Sydney, 17 April 2003: The Australian Bankers’ Associations (ABA) says that claims prices of goods and services will increase due to EFTPOS reform are spurious. Australian retailers should support payments systems reform, not only credit card reform, but EFTPOS as well. The claim by the Australian Retailers’ Association that the net effect of EFTPOS and credit card reform will be to increase consumer prices cannot be justified on the facts. The Australian Competition and Consumer Commission (ACCC) is currently undertaking a public interest investigation into the proposal by banks, building societies and credit unions to set the EFTPOS interchange fee to zero. The Reserve Bank of Australia (RBA) initially floated this EFTPOS proposal in its study into interchange fees (the ‘Joint Study’), published in October 2000. Retailers, consumers and the general public all have the opportunity to submit their views to the ACCC as part of its consideration of the proposal. It is an open process and the ABA encourages interested parties to make submission to the ACCC. For further information:  Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439 ENDS