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Consultation on Preliminary Conclusions to the Review of Retail Payments Regulation

Summary:
At its meeting on 21 May, the Payments System Board approved a consultation on a proposed package of policy actions related to the Bank's retail payments regulation. The Bank has today released a Consultation Paper setting out the proposed policy actions, together with draft variations to the standards for card payment systems. This follows extensive stakeholder consultation by the Bank on the matters raised in the Issues Paper for the review, which was published in November 2019. In general, the Board is not proposing major reforms to the Bank's retail payments regulation. Australia's payments system is in most regards providing high-quality services for Australian households,

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At its meeting on 21 May, the Payments System Board approved a consultation on a proposed package of policy actions related to the Bank's retail payments regulation. The Bank has today released a Consultation Paper setting out the proposed policy actions, together with draft variations to the standards for card payment systems. This follows extensive stakeholder consultation by the Bank on the matters raised in the Issues Paper for the review, which was published in November 2019.

In general, the Board is not proposing major reforms to the Bank's retail payments regulation. Australia's payments system is in most regards providing high-quality services for Australian households, businesses and government entities. The Bank's earlier reforms to card payments regulation have contributed to this outcome. Accordingly, the key policy changes proposed are relatively modest and relate mostly to: dual-network debit cards and least-cost routing; interchange fees; and the transparency of scheme fees. Extensive consideration has also been given to the no-surcharge rules imposed by some ‘buy now, pay later’ (BNPL) providers.

A summary of the key policy proposals is provided in the Executive Summary.

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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