Payments System Board Annual Report – 2006 Tribute to Ian Macfarlane AC

Ian Macfarlane will retire from the Reserve Bank of Australia on 17 September 2006 after a ten‑year term as Governor and, from 1998, as the inaugural Chairman of the Payments System Board. At its meeting on 15 August, the Payments System Board passed the following resolution:

This Board warmly thanks Ian Macfarlane for his outstanding leadership of the Board over the past eight years. His insights into the Australian payments system have fundamentally shaped the work of the Board. He has been forthright in questioning long-standing practices and astute in developing new perspectives. Thanks to his tremendous drive, enthusiasm and tenacity, Australians have a payments system that is not only more secure than it was a decade ago, but also more efficient and more competitive. The Board wishes him all the best for the future.