Commonwealth Bank accuses RBA of being unable to count

Australia’s biggest bank has accused the Reserve Bank of Australia of being unable to count.

The Commonwealth Bank of Australia said the RBA got its figures wrong when it estimated that a plan to lower debit and credit card transaction charges would save businesses $1.2 billion a year and benefit nine-in-10 companies.

“We do not believe that these assumed benefits will materialise for consumers or Australian businesses,” the bank said in a submission to RBA’s Review of Merchant Card Payment Costs and Surcharging.

This was despite the Reserve Bank arguing the banks would fully pass on any savings.

The Commonwealth, Australia’s biggest company, and rivals Westpac, NAB and ANZ, and credit card provider Visa, are fighting a Reserve Bank of Australia plan to further restrict interchange fee