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Legal update from Practical Law Commercial: Payments System Review final report

Content updates

The government initiated the Payments System Review (the Review) in 2020 to review the regulatory architecture of the Australian payments system to ensure it remains fit for purpose and can effectively support innovation across the economy.

On 30 August 2021, Treasury released the final report for the Review which makes 15 recommendations for the Australian payments system regulatory regime (see Legal update, Payments System Review final report released). The Australian  payments system regulatory framework currently consists of a complex mix of legislation, regulatory instruments, industry codes and contractual arrangements administered by multiple regulators and industry bodies. For more information about the Australian payments system generally, see Practice note, Overview of the Australian payments system.

By Practical Law Commercial Team

Practical Law Australia’s expert legal writers have practical expertise gained from some of the country's leading law firms and corporate legal departments, including Ashurst, Baker & McKenzie, Gilbert + Tobin, Herbert Smith Freehills, the Australian Broadcasting Corporation (ABC) and more. They understand the pressure to deliver timely and cost effective legal advice, which is why Practical Law’s fully maintained practice notes, precedents, drafting notes and checklists offer clear and concise know-how with a practical perspective.

For more information on Practical Law Australia’s legal writing team, visit

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