THE NEWS WRAP: Credit card gouging on RBA’s agenda

The Reserve Bank is prepared to cap surcharges on credit card transactions to prevent merchants from gouging customers through excessive fees, in a move which would save customers millions of dollars every year.

The payments system regulator has released an options paper that opens the door for providers, such as MasterCard and Visa, to impose limits on the fees merchants can charge customers.

Kathmandu founder invests in Macpac

Tasmanian millionaire Jan Cameron, who founded outdoor clothing company Kathmandu, has taken a significant stake in up-and-coming outdoor adventure wear company Macpac.

Cameron says she plans to transform Macpac in the same way she transformed Kathmandu, which she sold to Quadrant Private Equity fund in 2006 for around $300 million.

ATO to tackle profit shifting

The Australian Taxation Office is hoping to raise more than $200 million from its four-year blitz against illegal profit shifting across state borders, raising concerns the target will lead to tougher audits.

The project was triggered by suspicion that companies were avoiding tax by moving offshore profits earned in Australia or shifting overseas losses to Australia.

Overnight

The Australian dollar was trading over a third of a US cent lower this morning, ahead of domestic jobs data to be released later today.

At 7am, the dollar was trading at US6.27 cents, down from US106.69 cents yesterday.