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Treasurer Jim Chalmers announced on Friday that the federal government will fund the cost of credit card surcharges so the Australian Taxation Office can delay its ban on card payments for tax bills. The ATO had said last week it would stop accepting cards from December, in response to the Reserve Bank’s surcharge ban. Mr Chalmers said the delay gives the tax office more time to consult with businesses and “get it right.”

The ATO had argued absorbing the fees would cost about $200 million a year, and that only 5 per cent of small businesses pay their tax bill by credit card. The plan drew backlash from business groups, crossbench MPs and several government ministers. The cost of the extension will be finalised in the mid-year budget update, due in December..

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Firmus Technologies has withdrawn its application to list on the ASX, scrapping what was set to be Australia’s biggest float in decades after a poor reception from investors, the company said Friday. The AI data centre operator had been heading for a valuation of about A$44 billion, which would have made it the biggest ASX listing since Telstra in 1997.

In a statement, Firmus said its board concluded the terms on which the offer could proceed would not reflect the strength of the business, citing recent market volatility. The company said going ahead was not in the best interests of the company and its shareholders. It will now pursue capital from private markets, consider other public and private options, and update shareholders as those progress.

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The Mencari readers receive journalism free of financial and political influence.

We set our own news agenda, which is always based on facts rather than billionaire ownership or political pressure.

Despite the financial challenges that our industry faces, we have decided to keep our reporting open to the public because we believe that everyone has the right to know the truth about the events that shape their world.

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