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Review of Retail Payments Regulation – Postponement

Summary:
In light of the current extraordinary circumstances associated with the impact of COVID-19, the Reserve Bank is putting on hold the Review of Retail Payments Regulation that was announced on 29 November 2019. Whereas the Bank had previously expected that the Review would be completed by late 2020, we now expect that it will be completed in 2021. This decision is intended to reduce the demands on industry stakeholders at a time when they are focused on dealing with the impact of COVID-19. Bank staff will continue to do background work on the Review as resources permit and remain available to speak with stakeholders as required.

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In light of the current extraordinary circumstances associated with the impact of COVID-19, the Reserve Bank is putting on hold the Review of Retail Payments Regulation that was announced on 29 November 2019.

Whereas the Bank had previously expected that the Review would be completed by late 2020, we now expect that it will be completed in 2021. This decision is intended to reduce the demands on industry stakeholders at a time when they are focused on dealing with the impact of COVID-19. Bank staff will continue to do background work on the Review as resources permit and remain available to speak with stakeholders as required.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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