Statement attributable to NAB Executive, Transaction Banking & Enterprise Payments, Shane Conway:

“While we need time to review the proposals in more detail, the Treasurer’s announcements are welcome to improving the payments system and regulation in Australia.

“The payments system has rapidly evolved and customers now have more choice and simplicity than ever. However, a modern, mostly digital payments system needs modern rules and regulations.

“A balance needs to be struck to ensure customers are receiving the protections they deserve without slowing the innovation we have seen in recent years. With these reforms we see potential to offer more consistent protections for customers and boost competition, while supporting the innovation needed to drive economic growth.”