Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I move:

That this bill be now read a second time.

The Treasury Laws Amendment (Payments System Modernisation) Bill 2025 updates the payments system regulatory framework to address the risks posed by new and emerging technologies.

The amendments expand the definitions of 'payment system' and 'participant' to ensure the Reserve Bank of Australia (RBA) has the ability to regulate all participants and payment systems, including digital wallet providers and 'buy now, pay later' service providers.

Further, it also introduces a new ministerial designation power that will allow the Treasurer to designate payment services or platforms that present risks of national significance, allowing them to be subject to additional oversight by appropriate regulators.

The bill gives the RBA greater powers to regulate a broader range of players in the payment system, as well as extending these powers to other relevant regulators where there is a material risk to the national interest. These changes will modernise our payments regulation framework to ensure it is fit for purpose now and into the future.

Full details of the measure are contained in the explanatory memorandum. I commend this bill to the House.

Debate adjourned.

See this speech in context