Michele Bullock: Leaning in - towards better payment and clearing systems

Keynote speech by Ms Michele Bullock, Assistant Governor (Financial System) of the Reserve Bank of Australia, at the ASIC (Australian Securities and Investments Commission) Annual Forum, Sydney, 16 May 2019.

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

It is my pleasure to be speaking here at the ASIC Forum. The Reserve Bank of Australia has a number of roles in the payments system. It operates the real-time gross settlement system for high-value payments, it provides banking and payment services to government clients, and it oversees and regulates the payments system. It is in the capacity of overseer that I am talking to you today.

The Payments System Board of the Reserve Bank has a mandate to promote efficiency and competition in the Australian payments system, as well as stability of the system. The Reserve Bank oversees the system to determine how best to achieve these objectives, including regulating if necessary. So today, I'm going to talk about something that can be very important in achieving these goals - collaboration.