AI bosses called to Senate probe + Surcharges are going. Will prices drop?

Monday Headlines:

Open AI pauses training of models as AI agent incidents widens
Pauline Hanson now preferred PM in QLD as Chalmers unveils major budget boost
UK police arrest five men on suspicion of terror offences near air base used by US forces
Bird flu public education campaign launches
Massive weekend of Australian sport wraps up

Deep Dive: Australians will no longer be hit with surcharge fees from this Thursday, October 1, after the Reserve Bank brought in reforms that will get rid of the extra charges for Visa, Mastercard, and EFTPOS payments.

It means no more surprises at the checkout, but small businesses are warning it will force them to absorb more costs or jack up their prices.

While some banks are pulling back on rewards programs typically funded by interchange fees, which are being lowered at the same time the surcharge is being axed.

In this episode of The Briefing, Sacha Barbour Gatt is joined by money saving expert Joel Gibson to explain the changes and how they will affect consumers, businesses and banks.

Follow The Briefing:
TikTok: @thebriefingpod
Instagram: @thebriefingpodcast
YouTube: @TheBriefingPodcast

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