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Consultation on Preliminary Conclusions to Review of Retail Payments Regulation


Reserve Bank of Australia
At its meeting on 21 May, the Payments System Board approved a consultation on a proposed package of policy actions related to the Bank’s retail payments regulation. The Bank has today released aConsultation Paper setting out the proposed policy actions, together with draft variations to the standards for card payment systems. This follows extensive stakeholder consultation by the Bank on the matters raised in the Issues Paper for the review, which was published in November 2019.
In general, the Board is not proposing major reforms to the Bank’s retail payments regulation. Australia’s payments system is in most regards providing high-quality services for Australian households, businesses and government entities. The Bank’s earlier reforms to card payments regulation have contributed to this outcome. Accordingly, the key policy changes proposed are relatively modest and relate mostly to: dual ....

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