Tuesday, Reserve Bank of Australia's Assistant Governor, Philip Lowe said ATM reforms implemented earlier this month after a very long and complicated gestation allowed the owners of ATMs to determine their own prices, with these prices set in a much more competitive environment than was previously the case.
Reforms strengthened the competitive forces in the ATM system and made the fees much more transparent to consumers. The reforms also led to simplified access arrangements.
The central bank will continue to monitor developments closely and asked ATM owners to furnish details of their direct charges on a regular basis, including whether charges vary across locations. Lowe said the central bank is confident that the reforms will deliver benefits for consumers.
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