The Payments System Board of the Reserve Bank of Australia met on March 5, 2026, to discuss several issues related to the country’s payments infrastructure.
A main topic was the future of cash distribution. The Board highlighted ongoing challenges in ensuring access to cash, especially for Australians in regional and remote areas. Members stressed the need for a sustainable cash distribution system and supported a proposed regulatory framework for service providers. This framework would include crisis powers for public authorities to manage risks that could disrupt cash services across Australia.
The Board also reviewed merchant card payment costs and surcharging. It considered evidence and public interest arguments for changing regulations around card systems, including surcharging rules, interchange fee regulation, and transparency of fees. The Board agreed to publish a Conclusions Paper and an implementation timeline by the end of March outlining any planned regulatory actions.
System-wide resilience in Australia’s payments system was another focus. The Board discussed Reserve Bank analysis on systemic risks from limited interoperability, third-party dependencies, concentration risks, and merchant card acquiring resilience arrangements. Members supported industry efforts to improve reliability standards expected by Australians and noted that the RBA will continue contributing through analysis sharing and guidance.
Developments in account-to-account (A2A) payments were also addressed. The Board reviewed industry progress since recommendations from the 2025 Risk Assessment concerning plans to decommission the Bulk Electronic Clearing System (BECS). Removal of a target end-date for BECS has lowered short- to medium-term transition risks. Industry initiatives such as creating an A2A Payments Roundtable aim to modernize A2A payments by defining shared objectives across both industry and government sectors.
However, the Board expressed concern about insufficient consensus within industry regarding future bulk payment processing methods. This lack of agreement is seen as hindering effective decision-making necessary for advancing A2A payments in line with public interest goals such as resilience enhancement. The Board stated that if coordinated progress does not occur within industry, further action by the RBA may be needed.
Project Acacia findings were also discussed during the meeting. The project examined tokenised asset markets’ potential benefits for Australia’s financial system while acknowledging development barriers identified by industry participants. The Board supported ongoing work—encouraging collaboration between public and private sectors—to promote responsible innovation in wholesale payments and financial market infrastructure. The final Project Acacia report will be released in late April.
The Reserve Bank of Australia serves as Australia’s central bank with responsibilities including managing gold and foreign exchange reserves [source], issuing durable banknotes [source], maintaining currency stability, supporting full employment, promoting economic welfare [source], and overseeing monetary policy under Governor Michele Bullock since September 2023 [source]. Its Payments System Board was established in 1998 to enhance safety and efficiency in national payment systems [source].
