Michele Bullock: Building bridges in the digital economy - modernising Australia's payments system
Speech by Ms Michele Bullock, Governor of the Reserve Bank of Australia, at The Daily Telegraph's Future Sydney: Bradfield Oration, Sydney Opera House, Sydney, 24 October 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
I'd like to begin by acknowledging the Traditional Custodians of the land on which we meet and pay my respects to Elders past and present.
It is an honour to be here with you today at this year's Bradfield Oration.
Dr John Bradfield's name is etched into Australia's history as a visionary of transformative infrastructure. As the chief engineer behind the Sydney Harbour Bridge, Bradfield didn't merely build a crossing, he built a connection – one that shaped how Sydney functioned, moved and grew. His legacy reminds us that infrastructure doesn't just support a nation – it expands its possibilities.
While physical infrastructure like transport networks continue to shape our cities and economy today, it's increasingly digital infrastructure and growth in the digital economy that underpin how people live, work and transact. Innovations such as mobile phone apps and cloud software are now woven into the fabric of everyday life for most Australians.
Among the most frequently and widely used pieces of digital infrastructure in the country is our payments system. Whether you're buying a coffee, paying the salaries of your employees or receiving a government payment, the payments system is part of the daily experience. It matters not just to central bankers, economists or technologists, but to every Australian.
Given its importance to our lives, it is vital that the payments system provides its users – households, businesses and governments – with a range of valued and trusted payments services.