The Albanese Labor Government has today passed the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 through the Senate, to make sure Australia's payments system delivers for our modern economy.
These changes will modernise our payments system and help make our economy more productive.
This is all about making our payments system more seamless, safer 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'.
This means the vast array of new services and platforms, including digital wallets and Buy Now Pay Later services, can be regulated effectively by the Reserve Bank of Australia, 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.
These changes are another important step in delivering a modern, world‑class and efficient payments system in Australia.
A safer, more trusted and more accessible payments system will help boost competition, innovation and productivity across the economy.
