Central Banking

RBA bests Visa/Mastercard in court

The Reserve Bank of Australia has overturned a legal challenge to its regulation of credit card giants Visa and Mastercard in a landmark decision delivered in Sydney yesterday.

Federal Court judge Justice Brian Tamberlin ruled that the two companies failed to make a case, the Federal Court dismissed their applications to have a judicial review of decisions taken by the Reserve Bank. Visa and Mastercard had claimed that the RBA failed to follow a proper decision making process or that it misun