Reforms to the Payment Systems (Regulation) Act 1998 – exposure draft legislation

In November 2023, we responded to Treasury’s consultation on the exposure draft legislation for the updated Payment Systems (Regulation) Act 1998 (PSRA).

The key changes in the draft legislation were in line with those proposed in the initial consultation paper, which were broadly supported in AusPayNet’s original submission: the expansion of the RBA’s regulatory remit, and the introduction of a ministerial designation power that would enable regulation of payment systems and their participants in the national interest. AusPayNet’s submission, therefore, focused on how these policy objectives had been translated into the proposed legislation.

Based on our assessment and Member feedback, our submission was broadly supportive of the proposed legislative changes but suggested further review of the definition of ‘payment systems’ to ensure that the regulatory perimeter is sufficiently broad to capture all entities involved in the payment value chain.

AusPayNet’s submission is available below.