Federal government passes payments system reforms in Senate
Make us a preferred source
Make us a preferred source on Google
The news: The Albanese government has passed new reforms aimed at modernising Australia's payments system through the Senate.
The context: In a joint statement, Treasurer Jim Chalmers and Assistant Treasurer Daniel Mulino said the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 will make the country's payments system “more seamless, safe and stronger, and suitable for the times.”
The bill modernises the regulatory framework for the payments system by broadening the definitions of “payment system” and “participant”, they said.
The reforms are intended to improve regulation by the RBA of new services and platforms, including digital wallets and buy now, pay later services, and address risks posed by new and emerging technologies.
The bill also introduces a new ministerial power that allows the treasurer to designate payment systems in the national interest, for example where a system presents risks to national security.
Those designated systems and system participants would then be subject to additional oversight by appropriate regulators, they said.
What they said: "These changes are another important step in delivering a modern, world-class and efficient payments system in Australia," Chalmers and Mulino said in the statement.
"A safer, more trusted and more accessible payments system will help boost competition, innovation and productivity across the economy."
The source: Treasurer media release
