Federal payments system inquiry makes 16 recommendations
Australia’s payments system is under review after the House of Representatives Standing Committee on Economics released a report with 16 recommendations to cut costs and lift competition.
The committee presented A Level Paying Field on 29 June 2026 after its inquiry into schemes, digital wallets and innovation in the payments sector.
Australia’s payments system is fundamental to the national economy, and Australians now have more ways to pay than ever before.
Australians have been early adopters of new payment technology. However, global technology companies now play a bigger and less transparent role in payment services.
The inquiry found that consumers and small businesses want a system that is simpler, more competitive and more transparent.
Meanwhile, the committee received 48 submissions and heard evidence from key stakeholders at public hearings on Australia’s payment system.
Card fees and digital wallets
Committee members examined the growing complexity of card-related payment fees and the effect those costs can have on small businesses.
The inquiry also looked at the market power of major card schemes and the increasing influence of digital wallet providers.
In addition, the report considered account-to-account payment systems, emerging payment technologies and new forms of digital money such as stablecoin.
On average, Australians use a credit or debit card 540 times a year, showing how far the country has moved from cash to card.
Nearly $300 billion in non-cash payments is made every business day across Australia’s economy.
The 16 recommendations aim to reduce payment costs for consumers and small businesses, improve oversight and make sure savings flow to merchants and consumers.
They also support more transparent fee structures, better access to payment infrastructure for new entrants and continued development of alternatives such as account-to-account payments and stablecoins.
Ed Husic calls for competition
Committee Chair Ed Husic MP said, “Australians deserve a simpler, easier to understand payment system, one that’s open to competition and delivers a fairer deal for small businesses and consumers.”
Husic added, “Strong competition often drives new ways of doing things. Equally, innovation delivers its greatest benefits when markets remain open, transparent and contestable.”
He also said, “Our recommendations focus on improving competition in a payments system dominated by big players and where consumer choice has been limited.”
Husic said, “Consumers should have confidence that payment services are secure, affordable and competitive. Small businesses should not be disadvantaged by complexity or a lack of bargaining power.”
