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RBA Governor Sets Four Priorities for Australia’s Payment System Upgrade

Michele Bullock stressed modernizing payment infrastructure, boosting international transaction efficiency, enhancing fraud prevention, and ensuring cash and digital currency integration by 2026.

Summary

Reserve Bank of Australia Governor Michele Bullock has called for a modernization of Australia’s payment system with four priorities: inter-account infrastructure upgrades, improved cross-border payment efficiency, strengthened anti-fraud measures, and enhanced operational resilience. Plans include replacing outdated clearing systems by 2026, adapting to digital currencies, and safeguarding cash circulation. These measures aim to ensure the payments network remains secure, efficient, and future-ready.

Terms & Concepts
  • CBDC (Central Bank Digital Currency): A digital form of central bank money designed to complement or replace physical currency, offering secure, efficient transactions.
  • Quantum Security: Security measures aimed at protecting digital systems from potential threats posed by quantum computing capabilities.
  • Cross-Border Payments: Transactions involving parties in different countries, often requiring improvements in speed, efficiency, and cost reduction.