Why I Made a Submission to the Reserve Bank of Australia
I recently submitted FlightIQ's first public policy submission to the Reserve Bank of Australia.
I believe the consumer value created by payment-linked reward programs deserves greater consideration as part of future payment system reforms.
This is a deeply personal issue for me, because reward programs have fundamentally changed the way I've been able to experience the world.
You can read the full submission below.
I grew up in a family that rarely took holidays, let alone travelled overseas. In fact, I didn't board my first plane until I was 15 years old, after saving up from my part-time job to buy the ticket myself. Looking back, I never imagined that one day I'd fly more than 500,000 miles in Business and First Class, visit dozens of countries, or build a business around helping other Australians do the same.
I didn't board my first plane until I was 15. Today, I've flown more than 500,000 miles in Business and First Class.
None of those experiences were paid for by an employer or handed to me as a job perk. They came from learning how airline loyalty programs and reward credit cards worked, and using them thoughtfully alongside my everyday spending. Without those programs, I simply would not have had many of the travel experiences that have shaped both my personal life and my career. I feel enormously privileged to have had those opportunities.
That's why I felt compelled to make a submission to the Reserve Bank of Australia's Review of Payments System Regulation.
I understand and support the objective of creating a more efficient payments system and reducing unnecessary costs for Australian consumers and businesses. I also recognise that many Australians are doing it tough. Cost-of-living pressures are real, and making everyday life more affordable matters. But I also believe consumer welfare is about more than reducing costs. It's about preserving opportunity. For many Australians, payment-linked reward programs have become one of the few realistic ways to access travel experiences that might otherwise remain financially out of reach.
Consumer welfare isn't only about lowering costs. It's also about preserving opportunity.
One of the reasons I felt compelled to contribute is that the first stage of the Reserve Bank's reforms: the Review of Merchant Card Payment Costs and Surcharging, is already reshaping Australia's rewards landscape. Lower reward earn rates, smaller credit card sign-up bonuses and fewer premium card benefits are becoming increasingly common. Before further reforms are considered, I believe it's important to understand not only what Australians may save, but also what they may lose.
My submission doesn't argue against reform. It simply argues that the consumer value created by Australia's payment-linked rewards ecosystem should be properly measured alongside the projected benefits of any future changes. If reward programs are becoming less valuable, that deserves to be part of the conversation.
Perhaps the biggest reason I wrote the submission is because I think about the next generation. I think about my nephew and niece, and whether they'll have the same opportunities that I had. Reward programs didn't just make my travel cheaper: they broadened my horizons, introduced me to extraordinary places and people, and ultimately changed the direction of my life. I hope future Australians have the same opportunity to experience the world in this way.
Reward programs didn't just make my travel cheaper: they changed the direction of my life.
The Reserve Bank is expected to decide which issues to prioritise from this Review by the end of the year. Whether my recommendations are adopted or not, I hope this submission helps broaden the conversation about the value reward programs create for millions of Australians.
This is FlightIQ's first public policy submission, and I'm proud to have contributed.
Read the Submission
If you'd like to read FlightIQ's submission in full, you can download it below.
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