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Consumer groups welcome a report of the review into the Customer Owned Banking Code of Practice, which contains important reforms for customers experiencing financial hardship, family violence, financial abuse and vulnerability.
The Reserve Bank has announced surcharges will be abolished within six months. It will also reduce the cap on credit card interchange fees paid by merchants to banks from 0.8 per cent to 0.3 per cent of the transaction value.
The Federal Government’s announcement today that around 2.5 million Age Pensioners will see an increase to their pension payments from 20 March, will come as important relief at a time of continued cost-of-living pressure, COTA Australia says.
“With one in two Australians over 65, and more than a third of people aged 50 to 65, using cash regularly, mandating cash for essential goods is a common-sense decision that protects financial independence,” Ms Sparrow said.
COTA Australia’s submission to The Treasury, welcomes and supports the Government’s initiative to signal that cash will remain a core component of the economy.
COTA Australia welcomes today’s Age Pension indexation increase and notes the Government’s decision to stage increases to deeming rates – a move which, while not without concern, will give older Australians greater certainty to plan and budget.
The Australian Banking Association (ABA) and Council on the Ageing (COTA) Australia are urging older Australians, their families, friends and carers to have conversations about how to better protect themselves …
COTA Australia – the leading advocacy organisation for older people – Chief Executive Officer, Patricia Sparrow said urgent action was essential, with older Australians losing $99.6 million to scammers in 2024.
In December 2024 the Commonwealth Bank of Australia (CommBank) announced that their approximately 1 million ‘Complete Access’ customers would migrate to a ‘Smart Access’ account commencing 6 January 2025.
“For many older Australians, cash is a cornerstone of financial independence, not just a payment tool,” Ms Sparrow said.
Chief Executive of COTA Australia – the leading advocacy organisation for older people – Patricia Sparrow said defending against the scourge of scams, and putting the onus back on banks, social media platforms and telecommunications companies to protect people, is crucial and long overdue
COTA Australia – the leading advocacy organisation for older people – welcomed news today that the ACCC will receive funding to tackle excessive surcharges today, as well as the Federal Government’s indication that it will investigate the option of banning debit card surcharging from 1 January 2026,