Strategic Review of Innovation in the Payments System June 2011

The Reserve Bank announced in mid 2010 that it would be conducting a Strategic Review of Innovation in the Payments System. The objective of the Strategic Review is to identify areas in which innovation in the Australian payments system may be improved through more effective co-operation between stakeholders and regulators. It is taking a medium-term perspective, looking at trends and developments overseas in payment systems and at possible gaps in the Australian payments system that might need to be filled through innovation over the next five to ten years.

The Bank has been gathering preliminary input to the Strategic Review, including through informal discussions with a wide range of interested parties and the conduct of a study of consumer payment patterns. It is now seeking formal written submissions, with a view to publishing the conclusions of the Strategic Review by around the end of 2011 or early 2012.