David Murray’s controversial Financial Systems Inquiry has been attracting attention because of its recommendations that Australia’s banks keep more cash to shore up their finances in the case of another global crisis.

Tyro Payments CEO Jost Stollmann claims low income Aussies are paying up to $500 million a year in unnecessary credit and debit card fees to subside richer Australians due to what he says are “hidden billing practices” of the largest banks.

Merchant EFTPOS payments company Tyro Payments has called for an inquiry to be held into why Australia’s SMEs are being charged what it claims is up to 10 times more than big business for processing credit and debit card transactions.