even for those that have done so, some of their becs - reachable accounts are not currently reachable via the npp. it might be that not all of these unreachable accounts will need transactional capabilities in the future, but this is something institutions need to examine. graph 4 let me offer a positive take on this feedback. it has surfaced some issues that, if addressed appropriately, can give industry a solid basis on which to move forward. the focus on resilience, functionality and end user needs is particularly relevant here. the announcement by industry of a target date of 2030 for becs decommissioning has already sparked some useful dialogue. but all stakeholders need a voice, and a broad consensus on some key issues is now essential if australia ’ s account - to - account payment system arrangements are going to be fit - for - purpose in the next decade. time is now of the essence. review of retail payments regulation as many of you will be aware, the rba recently launched a review of retail payments regulation. 7 while we hoped to conduct a broad review, including of issues arising from new types of players and technologies in digital payments, proposed amendments to the payment systems ( regulation ) act 1998 ( psra ) that would bring relevant participants into the rba ’ s regulatory remit currently remain before the australian parliament. given the limitations of our remit under the current psra and the significance of the issues, it is important that these reforms are passed as soon as possible. for now, we are focused on whether there are further actions the rba could take to put downward pressure on merchant card payment costs and whether the surcharging framework remains fit for purpose. these issues can be dealt with under the psra in its current form and are inextricably linked : merchants are less likely to surcharge if their payment costs are low. given the shift towards electronic payments, card payment costs are an ongoing concern for merchants, as they are for consumers. keeping downward pressure on merchant fees for card payments, particularly for smaller merchants that tend to be charged higher fees, will keep consumer costs down, and so is an important priority for the rba. the issues paper for the review outlines a broad suite of issues and possible policy responses for stakeholders to consider. we have asked for feedback on the following : • the current level of interchange fee benchmarks and caps, and whether there is a case for more structural changes to interchange regulation8 •

its support for a design that honoured the first australians. the new note will continue the rba's proud tradition of having first australians'imagery on australia's banknotes. some of you might recall the $ 1 dollar paper banknote issued in 1966 and the first $ 10 polymer banknote issued in 1988, both of which featured the art and culture of first nations peoples. australia's coins, which are produced by the royal australian mint, will continue to have the image of the monarch on one side. the rba is now embarking on a process of consultation with first australians on the new design. we anticipate it will be at least a couple of years before the new banknote is ready for circulation. the current $ 5 banknote will continue to be issued until then and it will still be able to be used once the new banknote enters circulation. thank you for your attention. next time we meet, the review into the reserve bank will have been completed and we look forward to discussing the results and recommendations with you. today, my colleagues and i are here to answer your questions. 5 / 5 bis - central bankers'speeches