Reform of Australia's Payments System 1. Introduction

This document sets out the Payments System Board's conclusions of its review of the regulation of Australia's card payment systems. The Review has been broad ranging and has benefited from extensive input by industry participants. The Board thanks the many institutions and individuals who have provided written submissions as part of the review process and who have taken the time to meet with the Bank's staff.

The document is intentionally forward looking. In particular, it sets out the Board's preferred approach to improving competition and efficiency in Australia's card-based payment systems over the years ahead. It discusses the industry's feedback on the Board's Preliminary Conclusions, released in April 2008, and the Bank's response to the main points raised through the consultation process. The document draws on the extensive analysis of the effects of the reforms to date presented in the Preliminary Conclusions, as well as the costs and benefits of various options, although it does not repeat this analysis.