The Competition and Consumer Amendment (Payment Surcharges) Bill 2015 has been passed by both houses of Parliament and is awaiting Royal Assent.
UPDATE: Royal Assent given on 26 February 2016. Download Act.
The Bill amends the Competition and Consumer Act 2010 by inserting a new Part IVC into the Act to establish a legislative and regulatory framework to ban excessive surcharges. The ban will apply to surcharges which are for a kind of payment covered by a Reserve Bank standard or regulations made for the purposes of the ban and which exceed the permitted amount.
The provisions will be enforced by the ACCC.
It is expected to commence in the second half of 2016.
