PAYMENTS SYSTEM BOARD ANNUAL REPORT – 2006

Contents

Foreword

Trends in the Australian Payments System

Reform of Card Payment Systems

Payment Systems Technology and Architecture

Safety and Stability

The Board's Decisions and Reserve Bank Reports

The Payments System Board and Governance

Payments System Board

Tribute to Ian Macfarlane AC

List of graphs

List of tables

It is the duty of the Payments System Board to ensure, within the limits of its powers, that:

• the Bank’s payments system policy is directed to the greatest advantage of the people of Australia;
• the powers of the Bank which deal with the payments system, set out in the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998, are exercised in a way that, in the Board’s opinion, will best contribute to controlling risk in the financial system; promoting the efficiency of the payments system; and promoting competition in the market for payment services, consistent with the overall stability of the financial system; and
• the powers of the Bank which deal with clearing and settlement facilities, set out in Part 7.3 of the Corporations Act 2001, are exercised in a way that, in the Board’s opinion, will best contribute to the overall stability of the financial system.

© Reserve Bank of Australia 2006. All rights reserved. The contents of this publication shall not be reproduced, sold or distributed without the prior consent of the Reserve Bank of Australia.

ISSN 1442-939X (Print)
ISSN 1448-523X (Online)