MasterCard International Incorporated v Reserve Bank of Australia [2003] FCA 1260

FEDERAL COURT OF AUSTRALIA

MasterCard International Incorporated v Reserve Bank of Australia [2003] FCA 1260 STATUTORY INTERPRETATION – delegated legislation - Standard No 1 – Setting of Wholesale ("Interchange") Fees – credit card scheme – interchange fee standard - calculation of cost-based benchmark – aggregate value – eligible costs – 'on us' transactions – interchange transactions– nominated Scheme participants – implementation by Reserve Bank – independent expert – objective – competition – efficiency – looking beyond form to substance - legislative history – unambiguous language – extrinsic materials Payment Systems (Regulation) Act 1998 (Cth) s 18(1) Fisheries Act 1952 (Cth) s 7B(8) Luke v Inland Revenue Commissioners [1963] AC 557 approved Newcastle City Council v GIO General Ltd (1997) 149 ALR 623 referred to Latitude Fisheries Pty Ltd v Minister for Primary Industries and Energy (1992) 110 ALR 209 applied Visa International Service Association v Reserve Bank of Australia [2003] FCA 977 referred to MASTERCARD INTERNATIONAL INCORPORATED v RESERVE BANK OF AUSTRALIA AND EDGAR, DUNN & COMPANY PTY LIMITED N 1553 OF 2003 TAMBERLIN J SYDNEY 10 NOVEMBER 2003

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N1553 OF 2003

BETWEEN: MASTERCARD INTERNATIONAL INCORPORATED

APPLICANT/FIRST CROSS-RESPONDENT

AND: RESERVE BANK OF AUSTRALIA

AND: RESPONDENT/CROSS CLAIMANT

EDGAR, DUNN & COMPANY PTY LIMITED

(ACN 078 626 892)

SECOND CROSS-RESPONDENT

JUDGE: TAMBERLIN J

DATE OF ORDER: 10 NOVEMBER 2003

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: The parties bring in Short Minutes of Orders, including costs, at a time to be arranged with my associate. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.