It is not yet clear how much the government will spend on a new national credit card system, but some analysts expect the government to increase spending on a range of consumer services.
The Reserve Bank of Australia (RBA) has also said it will not reduce interest rates this year.
The central bank has been meeting on a monthly basis to consider the impact of low commodity prices, but it has been reluctant to raise interest rates, arguing the cost of borrowing is too high and that it would have to do more to stimulate the economy.
But the latest RBA forecast that the cost to consumers of a new card would rise to $60 in five years.
While the bank has not specified how it would calculate that, it is likely to include the cost on the balance sheet, with a significant portion of the cost going to the card issuer.
The RBA has not yet issued a target for how much it would spend on the card, but the Reserve Bank has suggested that it could be as high as $90.
While that is lower than the RBA’s own forecasts, it would still be significantly higher than other major banks.
The cost of the card would include the upfront cost of operating it, as well as interest on the account, which would be used to pay the card operator and interest on future credit cards.
As well as the interest, consumers would also be charged a fee for using the card and would pay the bank a fee if the card is lost, stolen or otherwise lost.
The fee would be based on the cost per transaction, and is likely higher than the fees charged to credit card customers, although it is not clear how many Australians would pay this.
While interest is the biggest cost of using the cards, the cost will also be a concern for businesses.
Some business owners, especially those with large numbers of credit cards, will likely find it more cost-effective to spend money in the future to pay off their credit cards than to maintain their existing accounts.
While it is difficult to predict how much money consumers will spend using a new credit card, it may be that the government is not planning to spend as much as the RAB has previously suggested.
That is because the RUB may decide that the costs of running the card will outweigh any benefits, which could drive up the cost, said Robert O’Brien, chief executive of the Consumer Bankers Association of Australia.
The bank has also noted that the RBB is forecasting a slight decline in consumer spending, suggesting it may have underestimated the impact that the introduction of a national card system will have on the economy and the broader economy.
“In some cases the RBO has also estimated that the impact on the financial system is much greater than it would be under a traditional cash card,” Mr O’Briensaid.
The report comes just weeks after the RMB published its first annual review of the countrys finances.
The annual review has been the result of a $2.5 billion injection of RMB to help support the economy, and a $500 million boost in the Reserve’s budget.
The government has also put a further $1.5bn into the bank to support the financial sector, and the RBC has said it is also aiming to provide additional funding to help the banks recover.
“The RBA and the Reserve have made a strong commitment to support banks and credit unions in the run up to the 2020 election, and this report reflects their efforts to maintain that support,” said Ms Daley.