Listen to the full show podcast with Luke Grant filling in for Michael McLaren.

Listen to the full show podcast with Luke Grant filling in for Michael McLaren.

Join Mike Jeffreys from midnight to 5.30am Mondays, and Phil O'Neil from midnight to 5.30am Tuesday to Friday.

Join Mike Jeffreys from midnight to 5.30am Mondays, and Phil O'Neil from midnight to 5.30am Tuesday to Friday.

Overnights with Phil O'Neil

Australia Overnight

Overnights with Luke Grant 25th October

Wake Up Australia with Mike Jeffreys - Wednesday 15th July

Mike speaks with Barry Urquhart, Consumer Behaviour Analyst, who says while the Reserve Bank has kept interest rates on hold, consumers have done the same with their spending.

Despite the RBA maintaining rates at 3.85%, consumer confidence remains low. Retail sales fell in June, and EOFY sales were weak. Rising costs from councils, utilities, and insurers have added pressure.

A recent survey shows Australians are worried about mortgage stress and rental prices—even if they aren’t directly affected.

Mike speaks with Barry Urquhart, Consumer Behaviour Analyst, who says while the Reserve Bank has kept interest rates on hold, consumers have done the same with their spending.
Despite the RBA maintaining rates at 3.85%, consumer confidence remains low. Retail sales fell in June, and EOFY sales were weak. Rising costs from councils, utilities, and insurers have added pressure.
A recent survey shows Australians are worried about mortgage stress and rental prices&mdash;even if they aren&rsquo;t directly affected.

Interest rates are on hold - So too is consumer spending

The Reserve Bank of Australia (RBA) has announced it wants to end debit and credit card surcharges and lower the cap on interchange fees, after finding the current system was outdated and no longer servicing the public interest. 

Mike is joined by Associate Professor of Finance at RMIT University, specialising in global financial
markets, behaviour and trends, who explains how this change could positively impact small businesses and their customers.  

"Small businesses stand to gain significantly from both the surcharge ban and interchange fee caps. With lower processing costs and simplified pricing, they can focus on serving customers rather
than navigating complex payment fees", he says. 

"Consumers have been hit with unpredictable surcharges for years. The $1.2 billion in estimated savings is real money back in pockets.

"Banks will take a haircut on interchange revenue, but let’s not overstate it—this is about rebalancing, not dismantling. The focus now shifts to efficiency and competition in payment services."

"The devil’s in the enforcement. If the RBA doesn’t ensure compliance, we could see merchants subtly raising prices or pushing ‘cash discounts’ that undermine the spirit of reform."

"This is a net positive, but the transition needs careful monitoring. The real test comes in 2026 - will savings actually reach businesses and consumers, or will they evaporate in other fees?"

The Reserve Bank of Australia (RBA) has announced it wants to end debit and credit card surcharges and lower the cap on interchange fees, after finding the current system was outdated and no longer servicing the public interest.&nbsp;
Mike is joined by Associate Professor of Finance at RMIT University, specialising in global financial markets, behaviour and trends, who explains how this change could positively impact small businesses and their customers. &nbsp;
"Small businesses stand to gain significantly from both the surcharge ban and interchange fee caps. With lower processing costs and simplified pricing, they can focus on serving customers rather than navigating complex payment fees", he says.&nbsp;
"Consumers have been hit with unpredictable surcharges for years. The $1.2 billion in estimated savings is real money back in pockets.
"Banks will take a haircut on interchange revenue, but let&rsquo;s not overstate it&mdash;this is about rebalancing, not dismantling. The focus now shifts to efficiency and competition in payment services."
"The devil&rsquo;s in the enforcement. If the RBA doesn&rsquo;t ensure compliance, we could see merchants subtly raising prices or pushing &lsquo;cash discounts&rsquo; that undermine the spirit of reform."
"This is a net positive, but the transition needs careful monitoring. The real test comes in 2026 - will savings actually reach businesses and consumers, or will they evaporate in other fees?"

Overnights with Luke Grant 25th October

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Australia Overnight

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