Australia’s Payments System Strategic Plan

Following industry wide consultation at the end of 2022, the Australian Federal Government has published its Strategic Plan for the future of Australia’s payments system setting out a number of policy objectives and priorities. The plan outlines the government’s commitment to ensuring that the country’s payments system is safe, affordable, trusted and will remain readily accessible.

A safe and resilient system

As in many developed economies, the way in which Australians make and receive payments has changed greatly. The pace of change has accelerated in recent years, partly driven by consumer responses to the COVID 19 pandemic. Transactions are continuing to shift from in person to online forms of shopping and there is an increasing demand for near instant and seamless payments.