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

Firstly, I'd like to thank all those members who have contributed to this debate. The government won't be supporting the amendment moved by the member for Cowper. The updates introduced by this bill are a key part of the government's plans to ensure the regulatory architecture underpinning Australia's payments system is up to date and fit for purpose. The broadened definitions of 'payment system' and 'participant' will ensure that, despite the increasing size and complexity of Australia's payments system, the vast array of new service platforms can be regulated effectively by the Reserve Bank of Australia. Further, the ministerial designation powers will give the Treasurer capacity to ensure that payment services or platforms that present risks of national significance can be subject to additional oversight, if necessary. These changes deliver on the government's commitment under the strategic plan for Australia's payments system to update the payments regulatory framework to help underpin its vision for a modern, world-class and efficient payments system that is safe, trusted and accessible and enables greater competition, innovation and productivity across the economy. I commend the bill to the House.

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