Reforms to the Payment Systems (Regulation) Act 1998

In July 2023, we responded to Treasury’s consultation on reforms to the Payment Systems (Regulation) Act 1998 (PSRA).

In our submission, we supported Treasury’s work to ensure Australia has appropriate regulatory and governance frameworks to support the continued development and safety of the payments system. Updating the PSRA – which gives the Reserve Bank of Australia (RBA) powers to regulate payment systems and participants in line with its public interest mandate – is an important step in this process. A review of the PSRA in line with the recommendations in the Review of the Australian Payments System will help ensure that the RBA and the Government continue to have the necessary tools to address any emerging risks in the payments ecosystem and ensure a level playing field between providers of payment services.

AusPayNet’s submission is available below.