Draft PSRA 1998 Exposure Legislation
On 1 November 2023, AFIA made a submission to Treasury’s consultation on Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation. AFIA continued to show our support for Treasury’s payment systems reform agenda, insofar as it is fit-for-purpose now and in the future, and can support continued innovation for the benefit of consumers, businesses, and the broader economy.
Our recommendations included ways to ensure that potential regulatory overlaps are avoided, and to ensure that consideration is given to increased compliance burdens on entities subject to this regulation. AFIA looks forward to a continued focus on improving innovation, competition and efficiency in the payments sector to support Australia’s economy and ensure the regulatory framework is fit for the future.