The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) (the regulators) are today publishing a summary of an independent expert review of the ASX Trade Refresh project (see 21-2XXMR).

Today’s Payments System Board meeting discussed the Bank’s review of retail payments regulation, the assessment of the ASX clearing and settlement facilities against the Bank’s Financial Stability Standards, payment scams, and an updated set of strategic priorities for the Bank’s payments policy work.

The 26th EMEAP Governors’ Meeting was held via video conference on 12 August 2021.

Media Release Number 2021-14: At its meeting today, the Board decided to maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of zero per cent, maintain the target of 10 basis points for the April 2024 Australian Government bond, and continue to purchase government securities at the rate of $5 billion a week until early September and then $4 billion a week until at least mid November.

Media Release Number 2021-13: At its meeting today, the Board decided to retain the April 2024 bond as the bond for the yield target and retain the target of 10 basis points; continue purchasing government bonds after the completion of the current bond purchase program in early September (These purchases will be at the rate of $4 billion a week until at least mid November); and maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of zero per cent.

The Reserve Bank has welcomed the announcement that the Digital Finance Cooperative Research Centre (CRC) has been selected to receive funding under the CRC Program administered by the Ministry of Industry, Science and Technology. The program provides funding for medium- to long-term, industry-led research collaborations. The Reserve Bank is participating in the Digital Finance CRC as part of work on the Bank’s strategic focus area of supporting the evolution of payments.

The Bank today released the 2021 Assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures (PFMI).

Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR).

Media Release Number 2021-09: At its meeting today, the Board decided to maintain the current policy settings, including: the targets of 10 basis points for the cash rate and the yield on the 3-year Australian Government bond; the parameters of the government bond purchase program; and the rate of zero per cent on Exchange Settlement balances.

Media Release Number 2021-08: At its meeting on 21 May, the Payments System Board approved a consultation on a proposed package of policy actions related to the Bank’s retail payments regulation. The Bank has today released a Consultation Paper setting out the proposed policy actions, together with draft variations to the standards for card payment systems. This follows extensive stakeholder consultation by the Bank on the matters raised in the Issues Paper for the review, which was published in November 2019.