The Australian Taxpayers' Alliance has submitted an Amicus Curie (Friend Of The Court) Brief to the Supreme Court of the United States in the case of Ohio v American Express, which was heard before the full court yesterday.
The brief centered around the disasterous effects of the Reserve Bank of Australia's Payment System's Board over-regulation of credit-cards in significantly increasing prices for Australian consumers while benefiting the big end of town, an area which the ATA has researched extensively:
The brief argues that:
"The effects of the RBA’s regulations, including the elimination of anti-steering rules, have been devastating
for Australian consumers. While merchants have benefited significantly from these regulations—
as the RBA intended—there is no evidence that merchants have passed any savings on to consumers, even while cardholders experience increased costs and reduced benefits. Moreover, this sort of regulation— designed to drive consumers toward certain payment options—stifles, rather than enhances, competition."
You can download the brief in full from the US Supreme Court website HERE.