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A level paying field: Economics Committee releases report on the Australian payments sector

AUSTRALIA's payments system is fundamental to the operation of the national economy -- and Australians have never had more ways to pay.

As a nation of early adopters, Australians have been quick to embrace new payment technologies. However, global technology companies play an increasingly prominent yet opaque role in how Australians access and use payment services.

Moving from cash to card has seen a massive shift within our payments system. On average Australians use a credit or debit card 540 times a year and non-cash payments worth nearly $300 billion are made every business day.

The House of Representatives Standing Committee on Economics has today presented its report­—A Level Paying Field—for the inquiry into schemes, digital wallets and innovation in the payments sector.

This inquiry has shown Australians want and deserve to have confidence in a payment system that is simpler, competitive, transparent and delivers a fairer deal.

The inquiry received 48 submissions and heard evidence from key stakeholders at public hearings about the current state of Australia’s payment system.

The committee heard concerns regarding the growing complexity of card-related payment fees and the impact those costs can have on small businesses.

It looked at the market power of major card schemes and the increasing influence of digital wallet providers. It also considered the opportunities presented by account-to-account payment systems, emerging payment technologies and new forms of digital money such as stablecoin.

This report presents 16 recommendations aimed at reducing payment costs for consumers and small businesses, ensuring that savings are passed through to merchants and consumers, and improving oversight of the payments system. The recommendations promote more transparent fee structures, better access to payment infrastructure for new entrants in the sector, and the continued development of alternative payment methods such as account-to-account payments and stablecoins.

Committee Chair, Ed Husic MP said, "Australians deserve a simpler, easier to understand payment system, one that’s open to competition and delivers a fairer deal for small businesses and consumers.

"Strong competition often drives new ways of doing things," he said. "Equally, innovation delivers its greatest benefits when markets remain open, transparent and contestable.

"Our recommendations focus on improving competition in a payments system dominated by big players and where consumer choice has been limited.

"Consumers should have confidence that payment services are secure, affordable and competitive. Small businesses should not be disadvantaged by complexity or a lack of bargaining power."

A full copy of the report is available on the committee’swebsite.

 

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Yarning Competition winners to come to Canberra for presentation event and exhibition launch

THE winners of the 2026 Yarning Competition will visit Canberra next week for a presentation event and the launch of the Yarning Exhibition at Parliament House. ​

The Yarning Competition is about storytelling. It aims to raise awareness of Aboriginal and Torres Strait Islander cultures, and to provide a platform for secondary school students to connect with, and learn about, the work of the Australian Parliament.​​

Students are invited to share their perspectives and stories – through creative mediums such as visual art, video, photography, essays or audio – by addressing one of four themes: Country and Connection; Identity and Culture; Family and Community; Reconciliation. ​

The judges for the 2026 competition were the Speaker of the House, Milton Dick MP, the Member for Lingiari, Marion Scrymgour MP; the Member for Grey, Tom Venning MP and the Member for Curtin, Kate Chaney MP. Entries were shortlisted by the Parliamentary Service Indigenous Employee Network.​

The winners of the 2026 Yarning competition are:​

  • Year 7/8: Jaide (Kalkadoon Country)​.

  • Year 9/10: Charlotte (Wiradjuri Country)​.

  • Year 11/12: Lyla (Gumbaynggirr Country)​.

The winning artworks can be found at 2026 Winners – Yarning Competition.​

The winners will travel to Canberra for the presentation event at Parliament House on Monday June 29, to be hosted by the Speaker.​

At the event, the Speaker will launch the Yarning Exhibition, in which the three winning artworks will be displayed, and all competition entries will feature. The exhibition will run until February 2027.​

“We had a record number of entries this year, with an exceptionally high calibre of talent, sharing very special stories,” Speaker Milton Dick MP said.​

Event details

Yarning Competition presentation event and exhibition launch​
Monday 29 June 2026, 11.15am to 12.15pm​
Senate side circulation area, Level 1 public area​
Parliament House, Canberra.

 

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Public Works Committee referred proposed works by ANSTO, DEWR and Defence

THE Parliamentary Standing Committee on Public Works has recently commenced three new inquiries into proposed works by the Australian Nuclear Science and Technology Organisation (ANSTO), the Department of Employment and Workplace Relations (DEWR) and the Department of Defence (Defence) under the Public Works Committee Act 1969.

ANSTO is proposing a replacement of its backup power network with a new, centralised high voltage backup power network at its Lucas Heights site in New South Wales. The project seeks to deliver a new Campus Utilities Building, a new campus backup power system, and associated infrastructure elements. The estimated cost of the proposed works is $30.416 million (excluding GST).

DEWR is proposing a fit-out of its new leased premises at 40–60 London Circuit, Canberra City. The fit-out will provide DEWR and the Department of Education 46,389 m2 of modern office accommodation to consolidate their Canberra-based workforce into a single precinct while supporting long-term operational requirements and strategic objectives. The estimated cost of the proposed works is $110.641 million (excluding GST) at a rate of $2,375 per m2 (excluding GST).

Defence is proposing to deliver facilities and infrastructure at RAAF Base East Sale, Victoria, to support the Future Air Mission Training System. The project includes delivery of working and training accommodation, simulation equipment and Living-In Accommodation in line with the National Defence Strategy 2026. The estimated total cost of the works is $130.8 million (excluding GST)

The committee invites interested individuals and organisations to make submissions by Thursday, August 6 for these referrals. More information is available on the inquiry websites: ANSTO, Lucas HeightsDEWR, London Central, and Defence, Air Mission.

Note: the Parliamentary Standing Committee on Public Works is not involved in the tendering process, awarding of contracts or details of the proposed works. Enquiries on these matters should be directed to the relevant Commonwealth entities.

 

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Treaties Committee recommends ratification of Australia-Uruguay Social Security Treaty

THE Joint Standing Committee on Treaties (JSCOT) has tabled a report recommending ratification of the Agreement on Social Security between Australia and the Oriental Republic of Uruguay.

The agreement enables eligible individuals who have moved between Australia and Uruguay to qualify for social security benefits. It also allows Australians and Uruguayans to continue receiving certain social security payments when they move between the two countries.

In addition, the agreement reduces costs and administrative burden by preventing individuals and businesses from having to pay social security contributions in both countries at the same time.

Committee Chair, Lisa Chesters MP said, “Australia and Uruguay share a strong and cooperative bilateral relationship grounded in mutual respect and common interests. This agreement is an opportunity to deepen our relationship with Uruguay while delivering practical benefits to people who have lived and worked in both countries.

“The committee is satisfied that the costs to Australia will be modest and manageable, and that the agreement is consistent with Australia’s other international social security agreements.”

At the conclusion of the inquiry the committee determined that the agreement is in Australia’s national interest and has recommended that binding treaty action be taken.

The report also includes a minor treaty action relating to the Amendment to the Agreement establishing the Asian Development Bank. This amendment removes the Asian Development Bank’s lending limit, boosting its financial capacity and maximising its developmental impact.

The report can be found on the Committee website, along with further information on the inquiry.

 

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Hearing on community engagement being critical to critical minerals

 

THE House of Representatives Standing Committee on Primary Industries will hold a public hearing in Canberra as part of its inquiry into factors shaping social licence and economic development outcomes for critical minerals projects across Australia.

On Friday, June 26 the committee will hear from the National Farmers’ Federation, Monash University researcher Mr Riasat Noor, the Critical Minerals Consortium and CSIRO, with a focus on community engagement and integrating mining with existing land uses.

CSIRO research noted, "While there is strong public recognition of the essential role critical minerals play in reaching net-zero emissions and the need to increase their supply, many Australians remain concerned about the potential environmental impacts’ of mining. Addressing these concerns requires ‘building trust by ensuring that local communities have genuine opportunities to participate in and influence decision making, and that they are treated fairly with clear pathways to realise meaningful benefits’."

Committee Chair, Meryl Swanson, said, "Social licence is critical to the development of the critical minerals sector. It involves honest communication, building trust, creating tangible and enduring benefits and mitigating costs and negative impacts.

"The committee looks forward to discussing with experts how strong, early and continuous community engagement by project proponents can ensure that critical minerals projects gain and maintain acceptance by host communities."

More information on the inquiry, including the full terms of reference and details on making a submission, can be found on the inquiry website.

Public hearing

Date: Friday, 26 June 2026
Time: 9am – 12pm (AEST)
Location: Committee Room 1R3, Parliament House, Canberra.

A program for the public hearing is available on the inquiry website. A live broadcast of the hearing will also be available on the APH website.

 

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