Lindsay Boulton: The Reserve Bank's government banking business

Speech by Mr Lindsay Boulton, Assistant Governor (Business Services) of the Reserve Bank of Australia, to the Business Banking Summit 2018, Sydney, 23 August 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you to the RFi Group for the invitation to speak to the 2018 Global Business Banking Summit. A key theme this year is the role that technology plays in servicing business banking customers. Few would disagree that technology plays a significant role. Its role, though, has changed over the past decade or so from supporting the provision of business services to also being a source of competitive difference. The change is particularly evident in payments, where advances in digital technologies and greater connectivity between networks are driving innovation in products and increased competition.

I would like to talk today about the banking services that the Reserve Bank provides the Australian Government as a business banking customer, highlighting the role that technology has played in an arrangement that is unique as far as government banking is concerned. I would also like to mention a couple of new payment-related services underpinned by advances in payments technology and how they may benefit business customers, including the government.

Let me start with some background on the Reserve Bank’s banking services to set the scene.