House Standing Committee on Economics (part 1 of 2)
23 February 2026
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House Standing Committee on Economics Australian Parliament
10:23 - 12:44
Speaker 7
Good morning, everyone. I declare open this public hearing of the house of representatives standing committee on economics for its inquiry into card payment schemes, digital wallets, and emerging payment technologies. I begin by acknowledging the traditional custodians of the land on which we meet today and pay respect to elders past and present. I also extend that respect to any aboriginal Torres Strait Islander people joining us today. I wanna welcome all witnesses appearing before the committee as well as members of the public and media in the room or watching online.
Payments are an essential foundation piece supporting all economies. The costs, access, settings, the competitive dynamics of this system affect every household and every small business in the country. Likewise, the trust and confidence in our payment systems are crucial. Changes in technology, industry structure, and consumer behavior are altering the way these systems operate, including the number of participants involved, the technical arrangements used to process transactions, the type of costs that arise along the payment chain, and the ability to offer new types of economic and commercial activity in the country. Today's hearing is an opportunity to understand how these systems function, how they're evolving.
As they evolve, it'll be important to gauge their impact on retail prices, productivity, innovation, and the ability of new entrants to compete. We'll be hearing from key regulators and some of the larger operators in the Australian payment sector, including banks... Major banks and global card network providers, along with, firms such as Apple and Australian Payments Plus. I wanna thank everyone who made a submission to the inquiry. We've had a lot of interest that we've attempt...
Attempted to harness in the time we have, especially, over the two day hearings that we've set aside. In accordance with the committee's resolution of 07/31/2025, this hearing will be broadcast on the parliament's website, and the proof and official transcripts of the proceedings will be published on the website. I remind all present that as chair, I'll ensure the proceedings are conducted in an orderly, respectful, and courteous way. Those present are advised that filming and recording by the media is permitted during the hearing. However, we ask that members of the media present or listening report the committee's proceedings fairly and accurately.
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