Submissions

We help policymakers and regulators understand the needs of an efficient payments system.

  • Review of Retail Payments Regulation

    In January 2020, AusPayNet was pleased to provide a response to the Reserve Bank of Australia Issues Paper, Review of Retail Payments Regulation.

    AusPayNet’s submission provided both general comments about self-regulation as well as answers to specific questions outlined in the review. Key points outlined in our submission included:

    • Market forces and technological change are underpinning a wave of innovation in the payments industry and offering new ways for consumers and business to pay and accept payments;
    • Self-regulation is working effectively to identify and solve potential challenges over the medium-to-longer term;
    • As the self-regulatory body for the Australian payments system, AusPayNet is continuously reviewing and improving on this model to ensure it evolves to meet the needs of the rapidly change payments landscape;
    • Existing government initiatives (such as the consumer data right and CFR review of stored-value facilities) will complement industry initiatives in helping to provide a foundation for future innovation

    AusPayNet welcomes the opportunity to continue to work with the RBA on this ongoing review. In particular, we will continue to update the RBA on the progress and outcomes of our own Future State of Payments consultation. AusPayNet's submission can be accessed below.

  • Competition in the Australian Financial System - Draft Report

    On 7 February 2018, the Productivity Commission (PC) released its Draft Report into Competition in the Australian Financial System. Further submissions were sought by 20 March 2018.
     
    The Draft Report included several draft recommendations impacting the Australian payments system. AusPayNet’s submission focused on these issues including merchant routing, interchange fees, and the ePayments Code. Our submission to the Draft Report can be accessed at the link below.
     
    The Final Report is due to Government by 1 July 2018 and is expected to be released later this year. 

    The Draft Report builds on an earlier consultation paper, released in July 2017. Our submission to the initial consultation paper can be accessed here.

  • Digital Economy Strategy

    'The Digital Economy: Opening up the conversation'

    In September 2017, the Australian Government announced a consultation to inform the development of its Digital Economy Strategy.

    The consultation had a broad scope including areas relevant to the payments industry such as digital technology and infrastructure, data sharing, standards, cybersecurity and digital literacy. Among other things, our submission highlighted that:

    • The industry has invested heavily in building new infrastructure to ensure Australia’s world-class payments system continues to support the digital economy into the future.
    • A self-regulatory approach continues to be the most appropriate way for the industry to navigate the challenges and opportunities presented by the digitalisation of the global economy.

    The Government is expected to launch the Digital Economy Strategy in the first half of 2018.