Matt Comyn, CEO of Commonwealth Bank, is calling for stricter regulation of global tech giants like Apple and Google, accusing them of benefiting from unfair advantages in the Australian market. As the Reserve Bank of Australia (RBA) debates changes to card surcharges, Comyn argues these companies should play by the same rules as local businesses.<\/p>\n\n\n\n
As digital payments become more ubiquitous, businesses are increasingly relying on tech giants like Apple and Google to handle transactions. However, these companies don\u2019t face the same costs as Australian banks, who are required to fund the infrastructure behind card payments. According to Comyn, this creates an \u201cuneven playing field.\u201d Local banks, like Commonwealth Bank, are footing the bill for maintaining the payment systems, while tech giants are profiting without similar obligations.<\/p>\n\n\n\n
\u201cI think having a sense of fairness and regulatory neutrality is important and should be a principle that’s as widely adopted as possible,<\/em>\u201d Comyn said to Sky News<\/a>. He added that it\u2019s essential for these tech companies to operate under the same rules as local businesses, including paying their fair share of taxes. This follows a broader issue that has been troubling local industries for some time: tech giants like Apple are accused of paying very little tax in Australia compared to their profits.<\/p>\n\n\n\n In 2024, Apple reportedly paid just $153 million in tax on $12.5 billion of revenue. Meanwhile, major banks in Australia collectively paid around $10 billion in taxes. This stark contrast highlights the ongoing imbalance between multinational tech companies and Australian businesses that contribute significantly to the country\u2019s economy.<\/p>\n\n\n\n