What was debated in Parliament
Summarised using AI from the official Hansard transcript of the debate only. It is not a record of the debate and may leave things out. Read the Hansard below to check it.
This bill updates the 1998 law on payment systems so the Reserve Bank can regulate newer services like digital wallets and buy now, pay later. It also lets the Treasurer flag payment services that pose national-level risks and adds new civil penalties. Debate focused on whether parliament should be able to review and overturn decisions made by the Reserve Bank and the Treasurer under the law.
Arguments made in support
Government members said the old law was written before smartphones and digital wallets, so it leaves gaps that create risks for consumers and businesses.
Labor speakers said new definitions are technology-neutral, so new payment methods are covered from the start rather than after problems arise.
Government members said a national interest power lets the Treasurer respond to risks like cyber threats, data misuse and national security.
Labor speakers said safeguards apply: the Treasurer must consult regulators and can only give system-wide directions, keeping regulators independent.
Coalition speakers said they supported the bill's aims and would not oppose it if their amendments failed.
Arguments made against, or for changes
Coalition speakers said the Reserve Bank's and Treasurer's key decisions should be open to parliamentary disallowance, since the law now covers many more businesses.
Coalition members argued the Reserve Bank's narrow focus may not suit fast-changing fintech and could unintentionally favour big banks over start-ups.
Coalition member Tim Wilson said the bill overreaches into areas like blockchain and digital wallets and relies too much on ministerial regulation.
Some Coalition members said the House should also focus on card surcharges, merchant fees and the collapse of certain super funds.
The Senate agreed to opposition amendments making some decisions legislative instruments; the Greens moved amendments to limit Reserve Bank board conflicts of interest.
26 speeches by 16 members in the House and Senate over 4 sitting days.
Hansard: House of Representatives, 30 July 2025 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 2 Sept 2025 ›
The official Hansard (PDF), Parliament of Australia
Hansard: House of Representatives, 4 Sept 2025 ›
The official Hansard (PDF), Parliament of Australia
Hansard: Senate, 4 Sept 2025 ›
The official Hansard (PDF), Parliament of Australia
The last column counts members who did not vote. Party counts are for current members.
1 vote was cast by people who have since left Parliament.
Every party member who voted went with the majority of their party.