Australia’s central bank is set to explore ways to modernise its interbank settlement system starting next year—a move expected to enhance trade efficiency and support the country’s growing financial ecosystem. Reserve Bank of Australia (RBA) Governor Michele Bullock highlighted that the Reserve Bank Information and Transfer System (RITS), which processes around A$300 billion ($194.94 billion) in daily transactions, plays a key role in ensuring smooth and secure financial exchanges essential for both domestic and international trade.
Bullock emphasized that maintaining a payments system that is “safe, reliable, low-cost, and future-ready” is vital to sustaining economic growth and facilitating trade flows. The RBA will explore innovations such as modern data exchange methods, longer operating hours, and increased use of central bank money settlements—steps that could further strengthen Australia’s position as a trusted trading partner in the global market.
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