Australians paid 10% more in bank fees last year, Reserve Bank says

Rise was partly due to more households using their credit and debit cards overseas as travel bounces back, analyst from central bank says

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Australian households paid almost 10% more in bank fees in the 2023/24 financial year, with credit card and personal loan use soaring amid the rising cost of living.

That contributed to banks enjoying a 5% jump in fee revenue in 2023/24 - the first annual increase in fee earnings in seven years, the Reserve Bank said in its January bulletin.

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