The Reserve Bank of Australia (RBA) has outlined four key areas it plans to focus on to modernize the nation’s payment systems, striking a balance between innovation and security. Governor Michele Bullock emphasized that upgrading interbank payment infrastructure is a top priority. By mid-2026, the RBA aims to implement a plan that enables real-time, 24/7 payments with enhanced data support, replacing the aging Bulk Electronic Clearing System (BECS). Collaboration with industry partners will focus on improving cross-border payments efficiency, transparency, and reducing costs. The RBA is also investing in fraud prevention and upgrading encryption to quantum-safe standards, migrating card systems to the AES quantum-safe protocol. Finally, operational resilience will be strengthened to ensure stability of the payment network as digital currencies and central bank digital currencies (CBDCs) develop.