WHY CAN’T BANKS WEAR THE COST OF CREDIT CARD FEES INSTEAD OF SMALL BUSINESSES OR THE TAXPAYER This whole credit card fee schmoozle has just been a massive cost shifting exercise from the banks onto the taxpayer and small business. Jim Chalmers needs to resign over this and if he doesn’t then Albanese should sack him. Why should banks be getting a free pass in the middle of a cost of living crisis? The return on equity of the banks is greater than 10% or in excess of $40 billion despite being backed by the taxpayer whenever things get shaky. If anyone can absorb the costs of credit cards it’s the banks. It’s bad enough that Labor is ideologically flawed, but to know the impacts of these costs on small business and do nothing about it is unforgivable. It’s time to stop pandering to the big banks. Sign up to Peoplefirstparty.au to take a stand. •••••••••••••••• “Assistant Treasurer Daniel Mulino has conceded the government knew the Australian Taxation Office (ATO) was considering banning credit card payments in July, months before the decision was made public. The ATO's decision in late September to stop accepting credit card payments from December 1 sparked backlash from the business community, which eventually forced an intervention from the prime minister and the treasurer to underwrite the costs and allow credit cards to be accepted by the tax office until mid-2027. Mr Mulino today said he and Treasurer Jim Chalmers were first made aware of the ATO's intentions months ago.”