Reserve Bank of Australia Governor Michele Bullock has outlined a comprehensive reform plan for the national payment system, focusing on innovation and security. In a speech, Bullock highlighted four key priorities: upgrading inter-account payment infrastructure to replace the Bulk Electronic Clearing System by mid-2026, enhancing cross-border payment efficiency, investing in fraud prevention and quantum-safe encryption, and strengthening operational resilience amid digital currency developments. Despite the digital shift, the RBA will ensure cash availability through new distribution models with banks and regulators.