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Law Council of Australia

Business Law Section

Reforms to the Payment Systems (Regulation) Act 1998 (Cth)—exposure draft legislation

The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) makes this submission to Treasury in response to the exposure draft legislation comprising Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023: Amendments of the Payment Systems (Regulation) Act 1988 (the Draft Bill) and the related draft Explanatory Memorandum (the Draft EM), which were released for comment on 11 October 2023.

The Committee notes that it has previously prepared a submission (July Submission) in response to the Treasury consultation paper on the topic Reforms to the Payment Systems (Regulation) Act 1998, which was released on 7 June 2023 (June Consultation).

The Committee welcomes and supports the initiative to update the Payment Systems (Regulation) Act 1998 (Cth) (the PSRA) to reflect the evolving payments landscape.


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