Overnights with Phil O'Neil Podcast By 2GB cover art

Overnights with Phil O'Neil

Overnights with Phil O'Neil

By: 2GB
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Join Mike Jeffreys from midnight to 5.30am Mondays, and Phil O'Neil from midnight to 5.30am Tuesday to Friday.

2025 759747
Politics & Government
Episodes
  • Wake Up Australia with Mike Jeffreys - Wednesday 15th July
    Jul 15 2025
    Listen to the Full Show Podcast

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    52 mins
  • Small businesses to benefit from RBA’s move to cut card surcharges
    Jul 15 2025

    The Reserve Bank of Australia (RBA) has announced it wants to end debit and credit card surcharges and lower the cap on interchange fees, after finding the current system was outdated and no longer servicing the public interest.

    Mike is joined by Associate Professor of Finance at RMIT University, specialising in global financial
    markets, behaviour and trends, who explains how this change could positively impact small businesses and their customers.

    "Small businesses stand to gain significantly from both the surcharge ban and interchange fee caps. With lower processing costs and simplified pricing, they can focus on serving customers rather
    than navigating complex payment fees", he says.

    "Consumers have been hit with unpredictable surcharges for years. The $1.2 billion in estimated savings is real money back in pockets.

    "Banks will take a haircut on interchange revenue, but let’s not overstate it—this is about rebalancing, not dismantling. The focus now shifts to efficiency and competition in payment services."

    "The devil’s in the enforcement. If the RBA doesn’t ensure compliance, we could see merchants subtly raising prices or pushing ‘cash discounts’ that undermine the spirit of reform."

    "This is a net positive, but the transition needs careful monitoring. The real test comes in 2026 - will savings actually reach businesses and consumers, or will they evaporate in other fees?"

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    5 mins
  • Social media ban could encourage young people to read
    Jul 15 2025

    Australians are reading less than ever, according to recent data from the Australian Bureau of Statistics.

    But Dr Susan Rook, Lecturer in Primary Literacy at RMIT University, tells Mike the upcoming social media ban could be the perfect opportunity for parents and policy makers to encourage children to
    read more.

    Dr Rook says, “Social media is one of the many competing attractions for children, so by removing that barrier, we can hopefully use this opportunity to encourage more children to read.

    “This is so important as when children read for pleasure, it's shown to address social inequity and helps to develop empathy, better well-being and raises employability prospects for those children.

    “I would encourage parents to be aware of what their child likes to read. Children are
    often told what to read, and while this is sometimes necessary, it's really important
    that they have freedom of choice to pick books that excite and motivate them to read
    more.

    “Additionally, we should be ensuring school curriculums promote reading for pleasure. There is a real impetus among policy makers, schools and communities to push this agenda.”

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    8 mins
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