00:02No surcharge, but still an extra cost for some.
00:07It's impacted me because now the prices are going up.
00:10So we are absorbing that cost, but eventually we will increase the prices.
00:16And there are signs businesses are already doing just that.
00:20A tracker of more than 1,500 cafes found 17% have increased the price of a flat white since
00:27the surcharge ban.
00:28For those that did, the typical increase was 50 cents or almost 10%.
00:34You'd be hard pressed to find a restaurant or cafe around Australia that has not lifted their prices in some
00:41way.
00:41Former RBA insider and economist Lucy Ellis expects the inflationary impact to be temporary.
00:49Previously surcharges were imposed to reflect the cost of accepting certain kinds of payment.
00:54That's now been bundled into the price.
00:56So some businesses have increased their prices, but that's a one off.
00:59It's not inherently inflationary.
01:01Ultimately, we think that the RBA kicked an own goal in this.
01:05They should have known better that inflation was going to remain pesky and that this ban would come online during
01:12a cost of living crisis.
01:14And it's not just the hospitality sector affected by the RBA's reforms.
01:20Macquarie Bank's DEFT platform has stopped accepting credit and debit card payments,
01:26affecting some renters who may have relied on credit cards to manage their cash flow.
01:31The Reserve Bank was contacted for comment as businesses continued to weigh up the cost of the changes.
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