Central Banking

RBA says it did its homework on credit cards

As the court action continues in Australia over the RBA's introduction of credit card reforms, the Reserve Bank's counsel has accused counsel for Visa and MasterCard of drawing selectively from documents in putting their case that the bank "overreached" its powers.

Source: Sydney Morning Herald

The Reserve Bank of Australia did as much homework as could be expected given the "difficulties in getting information and its relative unreliability" before reforming the Australian credit card market,

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