9 October 2025
The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers.
ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose.
“Australians now have access to a range of payment options and no matter how they choose to pay, they should be afforded the same consumer protections,” Mr Birmingham said.
“Banks have called for a core licensing regime for some time and welcome the clearer obligations on payment service providers that will be delivered with these reforms.
“These reforms will help to ensure our regulatory framework continues to deliver a world-class payments system across the entire economy.
“Importantly, these changes are about making sure all players in the payments system, including multinational tech companies, are captured by the same rules.
“Banks welcome the opportunity to engage with the Government on these important reforms that will support confidence, innovation and growth in our payments system.
Latest news
The ABA welcomes the commitment today by the Assistant Treasurer and Financial Services Minister Daniel Mulino to make the Compensation Scheme of Last Resort (CSLR) more sustainable by reducing the losses and costs associated with it. ABA CEO Simon Birmingham said changes to the CSLR must help contain losses that generate claims and place the… Read more »
Small businesses are benefiting from more favourable lending conditions thanks to stronger competition, as the full extent of banking support for these businesses is laid out in a new report released today by the Australian Banking Association. The ABA’s latest industry report focusing on small and medium businesses finds: ABA CEO Simon Birmingham said the… Read more »
The ABA urges the final passage of the Cash Distribution Framework Bill 2026 and accompanying legislation through the Senate this fortnight. ABA CEO Simon Birmingham said the legislation was a critical safety net to protect the long-term availability of cash for Australians who still rely on it. “Cash remains an important payment option for many Australians,… Read more »