The magnetic stripe ATM card could be under threat following new figures that show a near-threefold increase in debit card fraud in the last financial year.
Nearly 70,000 skimming and electronic forgery offences were committed, prompting several analysts to predict the eventual demise of the traditional card payment method.
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Australia Post outlines financial service plans
Australian Post has outlined its plans to offer financial services, but has denied that it will become a bank. The organisation told The Australian that it will move into areas such as superannuation, but will not follow the likes of Japan and New Zealand by expanding into banking.
Small business groups have previously welcomed the prospect of Australia Post moving into the financial services sector, citing increased competition and convenience.
Business groups attack NSW electricity sale
Business groups have called on the NSW state government to scrap its $8 billion electricity privatisation plan due to concerns it will push up power prices.
The government hopes to complete at least a partial sale of the network following an upcoming competition regulator report. However, the NSW Business Chamber has said that the assets are undervalued and could lead to higher electricity prices in the future.
The Australian dollar backed away from parity last night, edging down to 98.65 US cents. Meanwhile, the Dow Jones industrial average climbed 44.76 points to 11,406.95.