House Standing Committee on Economics (part 2 of 2) — hearing of 25 February 2026: transcript & video · Polyfact

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House Standing Committee on Economics (part 2 of 2)

25 February 2026

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Contents updated on 21 Oct 2026

Members and witnesses outline the core policy problem of rising payment costs for consumers and small businesses, discussing surcharging and claims that point-of-sale card payments are relatively low risk within the payments ecosystem.

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Opening — card surcharges and account‑to‑account alternatives

00:00

Opening — card surcharges and consumer costs

00:00

Q — Campbell: PayID/account-to-account and Ping’s business model

01:04

Ping: flat-fee savings versus ad valorem merchant fees

02:20

Recurring payments burden and agentic subscription control

03:32

Recurring payments — prevalence, RBA data and consumer exposure

03:32

Agentic gateways for subscriptions and two-sided recurring-payment control

05:15

International models and funding of payments innovation

07:11

NFC access, fraud controls and merchant cost incentives

10:35

Q — Gregg: Apple’s NFC chip, access pricing and security obligations

10:35

Fraud controls and reforming recurring-payment authorizations

12:57

Estimated SME savings and QR/account-to-account uptake abroad

16:07

NFC as a bridge to cheaper account-to-account payments

20:07

QR codes, terminals, and POS integration barriers

24:15

CDR effectiveness, fintech access and regulatory reform

28:38

CDR “change my mind” — value, funding and need for review

28:38

Enabling fintechs — licensing, access and fraud-risk narratives

31:31

Agentic AI, tokenisation outlook and hearing close

34:19

Agentic AI, competition policy and acquisition risks

34:19

Digital assets, tokenised deposits and ecosystem preparedness

35:53

Procedural close — transcript, questions on notice and adjournment

38:44

House Standing Committee on Economics (part 2 of 2)

25 February 2026

House Standing Committee on Economics Wed, 25 Feb 2026 Australian Parliament

00:00 - 00:01

Incur cost.

00:01 - 00:18

Speaker 45

But we've got a... I mean, I I think our policy conundrum here is how do we stop costs going up to consumers and small businesses. And if if companies like Square are conflicted to bring in new entrants like Ping that operate on a flat fee structure

00:18 - 00:18

Mhmm.

00:18 - 00:22

Speaker 1

With lower costs, then that's a big problem. It's a huge problem. Yeah.

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