Debit card surcharges to be scrapped by 2026, government promises

• In short: The federal government says it is prepared to ban debit card surcharges from January 1, 2026, subject to a review underway by the Reserve Bank.

• It is unclear how much Australians pay in debit card surcharges each year, but Assistant Treasurer Stephen Jones says "it punches a big hole in your wallet" when they are added up.

• What's next? As the RBA continues its review, the government says it is sending a warning to the banks and payment services providers that unless they stop charging "excessive" surcharges, the government will crack down.