The Australian Banking Association has launched a blistering offensive against global tech and credit giants, accusing Apple, Visa, and Mastercard of "free-riding" on the nation’s financial infrastructure.
In a formal submission to a parliamentary inquiry, the lobby group argued that domestic lenders are bearing the "heavy lifting" for a payments system that international rivals exploit for profit without equivalent regulatory or financial obligations.
ABA CEO Simon Birmingham warned that current Reserve Bank of Australia regulations create an unlevel playing field. While Australian banks fund the security, fraud controls, and maintenance of the network, tech titans like Apple leverage this infrastructure to monetise transactions.
The tension is reaching a breaking point as the RBA proposes slashing interchange fees—a move banks claim will strip nearly $1 billion in revenue and render credit card transactions loss-making.