Competition in the Australian Financial System

The Productivity Commision has identified the payment system as a core component of the market infrastructure which underpins the key segments of the financial system.

The focus of the Inquiry is to establish whether there are barriers to competition through innovation, and - where innovation does occur - whether its benefits are directed towards customers.

Our submission highlighted that competition in payments is generally driven around three core trends: consumer pull, technology push, and evolving regulation.