Credit cards and digital wallets are now the central focus of a new parliamentary inquiry, announced just as shoppers across Australia prepare for the bustling Christmas and Boxing Day sales period. The inquiry will scrutinize the practices of both card-based payment schemes and digital wallets.

The announcement comes against a backdrop of record-breaking online spending, which reached nearly $70 billion last year, supported significantly by credit card use. This online spending has been growing annually by about 12 percent.

The inquiry aims to give the public a critical opportunity to comment on the fairness, competitiveness, and affordability of current credit card and payment systems,.

Committee Chair Ed Husic MP emphasized the urgency of the matter, stating that the way credit card systems work, including their costs and other impacts, “really matters to Australians confronting cost of living challenges”.

“After spending up ahead of Christmas, many Aussie consumers will scan a sharp eye over their credit card statements and ask questions about how they’re charged,” Mr. Husic noted.

The investigation will perform a deeper dive into the growing cost implications for small businesses and consumers caused by existing payment schemes and digital wallets. Specifically addressing small business concerns, the inquiry will examine the “impact and inequity of payment costs” on these operators.

Mr. Husic highlighted the difficulties faced by entrepreneurs, saying, “Running a small business is hard work. Minimising costs and overheads is a priority for Australia’s small businesspeople who are always looking for payment systems that can offer a better deal and make their lives easier”.

Beyond current systems, the inquiry will also look toward the future, examining how technology may shape payments, with a particular focus on digital currencies and blockchain technology.

Australians who believe current payment schemes lack fairness, accessibility, competitiveness, or affordability will have a chance to provide input. Submissions will be accepted shortly, with the closing date set for Friday, January 30, 2026. The Committee is slated to report its findings by April 2026.