Media Release Number 2012-22: In June, the Reserve Bank announced the decision to vary the surcharging Standards to allow card scheme rules to limit surcharges to the reasonable cost of card acceptance, effective 1 January 2013. The Bank also published a draft Guidance Note on the varied surcharging Standards. The feedback that the Bank received on the draft Guidance Note has mostly indicated that the industry sees benefit in a form of guidance that is more prescriptive than that provided in the June draft. Accordingly, at its meeting on 17 August, the Payments System Board decided to revise the Guidance Note.

Media Release Number 2012-21: The RBA has issued a media release concerning Note Printing Australia Limited and Securency International Pty Ltd.

Media Release Number 2012-20: At its meeting today, the Payments System Board considered the public policy issues relating to multi-network debit cards. These are cards issued by banks and other financial institutions for ATM usage and with debit functionality from more than one payments network. The Board has previously indicated it supports the long-standing practice of issuing such cards in Australia, because they are convenient for cardholders and allow stronger competition between networks at the point of sale.

Media Release Number 2012-19: Mr Sarv Girn has been appointed to the position of Chief Information Officer of the Reserve Bank of Australia. Mr Girn was selected for the role from a strong field of applicants, internal and external to the Bank. The appointment is effective from 3 September.

Media Release Number 2012-19: Mr Sarv Girn has been appointed to the position of Chief Information Officer of the Reserve Bank of Australia. Mr Girn was selected for the role from a strong field of applicants, internal and external to the Bank. The appointment is effective from 3 September.

At its meeting today, the Board decided to leave the cash rate unchanged at 3.50 per cent.

Media Release Number 2012-17: The Reserve Bank has created a specific category of Exchange Settlement Account for central counterparties and has developed a policy for use of these accounts.

At its meeting today, the Board decided to leave the cash rate unchanged at 3.50 per cent.

Media Release Number 2012-15: At its meeting on 18 May, the Payments System Board decided to vary the Standards relating to merchant surcharging on credit and scheme debit cards. The variation allows card scheme rules to limit surcharges to the reasonable cost of card acceptance. The variation continues to ensure that merchants can fully recover their card acceptance costs. The Payments System Board has also decided to implement a new designation for the EFTPOS system to reflect changes in the structure of the system since it was first designated in 2004. The Bank is now launching the second phase of its review of the EFTPOS system. This consultation seeks views on options for the Bank’s future regulation of EFTPOS interchange fees and access to the EFTPOS system, including on whether an interchange fees standard and/or an access regime are required.

Media Release Number 2012-14: The Reserve Bank has released the conclusions of its Strategic Review of Innovation in the Payments System. The Review was announced in May 2010, with the aim of identifying areas in which innovation in the Australian payments system may be improved through more effective cooperation between stakeholders and regulators. It has taken a medium-term perspective, looking at trends and developments overseas in payment systems and at possible gaps in the Australian payments system that might need to be filled over a time horizon of five to ten years.