Philip Lowe: A payments system for the digital economy

Address by Mr Philip Lowe, Governor of the Reserve Bank of Australia, to the 2019 Australian Payments Network Summit, Sydney, 10 December 2019.

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

Thank you for the invitation to address this year's Australian Payments Network Summit. This summit has become an important fixture on the Australian payments calendar and this is the third time I have had the privilege of joining you.

A recurring theme across these summits has been the need to improve customer outcomes. I am very pleased to see that this focus has been continued at this year's summit. The focus on customer outcomes aligns very closely with the focus of the Payments System Board. The Board wants to see a payments system that is innovative, dynamic, secure, competitive, and that serves the needs of all Australians.

Increasingly, this means that the payments system needs to support Australia's digital economy. With the digital economy being an important key to Australia's future economic prosperity, we need a payments system that is fit for purpose.