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RBA Glossary definition for ES

ES – Exchange Settlement (account, balances or funds)

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A Proposal for Implementing Real Time Gross Settlement in Australia (Media Release 1995-05 attachment 2)

13 Aug 2004 Media Release PDF 178KB
From now Banks can make ES. payments using RITS Warrants, etc now issued. ... dealing to RITS members. June 1996 RITS hardware. enhanced Interest paid on ES accounts.
https://www.rba.gov.au/media-releases/1995/pdf/mr-95-05-attach-2.pdf