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

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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