It turns out that the Australian Competition and Consumer Commission has decided that they will not allow these banks to collectively negotiate and have since officially rejected their proposal to do so. This is due to the country’s anti-cartel laws that helps to ensure that competition is fair and unhindered during the negotiating process.
According to the ACCC chairman Rod Sims, “The ACCC is not satisfied, on balance, that the likely benefits from the proposed conduct outweigh the likely detriments. We are concerned that the proposed conduct is likely to reduce or distort competition in a number of markets. While the ACCC accepts that the opportunity for the banks to collectively negotiate and boycott would place them in a better bargaining position with Apple, the benefits would be outweighed by detriments.”
As to what this means for Apple Pay in the country, we guess the banks and Apple will have to work together to figure something out, but until that happens Apple users in the country won’t be able to use the service, unless they’re with ANZ.