On 28 October 2025, Treasury released for consultation the draft Payment Systems Legislation Amendment (2025 Measures No. 1) Regulations 2025 (the draft Regulations) and its Explanatory Statement.

The purpose of the draft Regulations is to support the amendments in Schedule 1 to the Treasury Laws Amendment (Payments System Modernisation) Bill 2025 (the Bill), which was passed by both Houses of Parliament on 4 September 2025. It does this in the following way:

  • Schedule 1 to the Bill amends the Payment Systems (Regulation) Act 1998 (PSRA) to modernise the payments regulatory framework. In particular, Schedule 1 to the Bill provides that the Minister may designate a payment system as a special designated payment system if the Minister considers that doing so is in the national interest. The Minister may nominate special regulators in relation to special designated payment systems and to give directions in relation to the special regulator’s performance of functions or exercise of powers under the PSRA. The draft Regulations support the amendments in Schedule 1 to the Bill by prescribing special regulators, heads of special regulators and eligible delegates in relation to special regulators that are nominated special regulators.
  • Schedule 1 to the Bill also provides that certain persons may use or disclose information or documents obtained under, or for the purposes of, the PSRA to either the Reserve Bank of Australia or another nominated special regulator in relation to a special designated payment system for the purposes of the PSRA..
  • Schedule 1 to the Bill provides that certain persons are not subject to civil liability in respect of an act or omission if the act or omission relates to a special designated payment system, and is done in good faith in the performance or exercise (or purported performance or exercise) of a function or power under the PSRA, or for the  purposes of assisting another person to perform or exercise a function or power under the PSRA.

Next steps

The deadline for comments on the draft Regulations is 11 November 2025.

When finalised the draft Regulations will commence at the same time as the bill.