RBA plans to review retail payments regulation

Governor Michele Bullock outlines plans to modernise Australia’s payments system

Michele Bullock, RBA
Michele Bullock

Australia’s central bank governor Michele Bullock has outlined a plan to modernise the country’s payments system, including launching a review of existing retail payments regulation.

The Reserve Bank of Australia (RBA) will also continue its research on central bank digital currencies (CBDCs) and support the phase-out of a long-running electronic funds transfer system, Bullock said.

Speaking at a payments summit on December 12, Bullock noted the Australian government has introduced a bill to give

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