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Reserve Bank of Australia
At its meeting today, the Payments System Board discussed a number of issues, including:
The Bank’s Review of Retail Payments Regulation. The Board discussed some recent industry developments that are relevant to the Review, particularly relating to dual-network debit cards, least-cost routing, and scheme fees. The staff are continuing to gather information and consulting with stakeholders. It is expected that the Board will agree on draft conclusions for the Review at its May meeting, for publication soon afterwards.
Cyber risks to the Australian payments system. Members were briefed on the work being undertaken by the Bank (together with other CFR agencies) to oversee the management of cyber security risks in the financial sector. They discussed how the Bank can best support cyber resilience in the payments system in the context of the Government’s recently announced Cyber Security Strategy.