Central Banking

Credit card advantages overlooked, RBA told

AUSTRALIA - Two leading banking industry consultants have criticised planned reforms of Australia's credit card industry.

Mike Ebstein and Charles Carbonaro say if the Reserve Bank of Australia goes ahead with the reforms it has planned the result would be a system "worthy of a banana republic". They criticised the reforms for focussing on costs rather than broader benefits, and said that the Reserve had failed to factor in incentives such as frequent-flyer points. The Reserve is planning to l