8 December 2021
Statement from ABA CEO Anna Bligh AC on the Government’s payment system reform plan:
The Australian Banking Association welcomes the Government’s payment system reform plan, which will pave the way for modernisation and improvements that benefit customers and ensure Australia maintains a world-class payments system.
Our payments system is a major artery running through the Australian economy and as customers change their banking behaviour and new technology arrives, it is vital the governance and regulation of the payments ecosystem remains fit-for-purpose.
It’s been more than twenty years since our country updated our payments architecture. While existing regulations and systems have served Australia well, we have seen unprecedented changes in how we pay each other.
The reforms foreshadowed today will enable the payments industry to modernise and innovate as new technologies emerge and customer needs evolve.
The banking industry supports the Government taking an expanded role in strategic leadership of the payments system.
As significant investors in the nation’s payment infrastructure, Australian banks will work with the Government to implement reforms that modernise payments infrastructure and ensure Australians continue to benefit from a dynamic, stable and secure system.
The payments ecosystem is vital to Australia’s economic success, it is closely interconnected to our economy, and monetary and financial systems. Ensuring ongoing stability, security and reliability is critical.
Latest news
The ABA welcomes APRA’s commitment to boosting competition for Australia’s mid-tier and international banks. In a speech today to the ABA’s Banking 2025 Conference, Chair John Lonsdale announced that APRA would: ABA CEO Anna Bligh said it was customers who would ultimately benefit from a strong and competitive banking system. “Today’s announcements from APRA will… Read more »
Australians made a staggering $160 billion worth of payments with their mobile wallets last year, as they continue to embrace the ease and convenience of digital banking. The Australian Banking Association’s 2025 ‘Bank on It’ report released today reveals digital payments continue to surge with over four billion mobile wallet transactions made in the past… Read more »
eo&e Chris Bath (Host): Now, I had no idea this is a thing. Australians are renting or selling their bank accounts so crooks can cash in. It’s called being a money mule. Anna Bligh is the CEO of the Australian Banking Association, and she’s here to tell you all about it. Anna, thank you very… Read more »