Strategic Priorities for Payments Policy

Read the Payments System Board Annual Report for more information
The five PSB Strategic Priorities - each priority is outlined in the sections that follow.

The Payments System Board periodically sets strategic priorities to guide the RBA’s payments policy work. At its August 2023 meeting, the Board agreed on five strategic priorities, outlined below, which focus on:

  • developments in the payments system that could have significant implications for competition, efficiency and safety over the next few years
  • issues affecting payments and market infrastructures and their implications for financial stability.

The Board will review the strategic priorities as the payments landscape evolves and in the context of its broader powers.

Strengthen the resilience of payments and market infrastructures

Payments and market infrastructures play a crucial role in facilitating payments and financial risk management. The reliance of the economy and financial system on their services means that disruptions can have wide-reaching effects. The RBA is focused on ensuring these risks to payments and market infrastructures are managed appropriately. To achieve this, the RBA has:

  • required market infrastructures to prioritise the management of aging infrastructure and adopt replacements and upgrades in a safe manner
  • established a risk-based framework for the oversight of key retail payment systems
  • required payments and market infrastructures to further uplift their cyber resilience with clearly defined cyber strategies and rigorous cyber-testing programs.

Advance and implement reforms for payments and market infrastructures

The Australian Government is modernising the regulatory frameworks for payments and market infrastructures. To advance and implement these reforms, the RBA has:

  • assisted the government to develop legislation for regulating payments and market infrastructures
  • prepared to conduct the Review of Retail Payments Regulation under a modernised Payment Systems (Regulation) Act.

Promote competitive, cost-effective and accessible electronic payments

Consumers and businesses are relying on electronic means of payment more than ever before. The RBA has an important role to play in promoting a payments system that delivers competitive, cost-effective and accessible electronic payments for consumers and businesses. To achieve this, the RBA has:

  • reduced payment costs for small businesses by requiring industry to deliver merchant choice of debit card network
  • encouraged industry to deliver and promote additional fast payment capabilities to end users
  • modernised the retail payments statistics collected and published by the RBA to account for new technologies and business models.

Enhance cross-border payments

The RBA is supporting international work under the G20 to make cross-border payments cheaper, faster, more transparent and more inclusive. The RBA has a key role to play in promoting priority initiatives in the Australian market that will, over time, help deliver better outcomes for Australian customers. To achieve this, the RBA has:

  • contributed to implementing the G20 roadmap to enhance cross-border payments
  • explored interlinking the NPP to fast payment systems in other jurisdictions.

Shape the future of money

Australians need safe, efficient and cost-effective payment options, both now and in the future. As the payments landscape changes, the RBA is helping to shape the future of money by exploring the case for new digital forms of currency, and by ensuring cash remains a viable means of payment for those who need or want it. To achieve this, the RBA has:

  • conducted research on whether a policy case for a CBDC exists
  • supported innovation and resilience in wholesale digital payments
  • supported access to physical cash.