“The Australian government has said it will review the regulatory architecture of the domestic payments system to ensure it remains fit for purpose and capable of supporting innovation beneficial for both businesses and consumers. “The regulatory architecture that applies to these new technologies, businesses and products have served us well, but have remained largely unchanged for over two decades,” the terms of reference of the review say. “This review would look at the roles of industry self-regulation, regulators and the government and consider whether the balance is right in promoting competition, innovation, efficiency, resilience and stability of the system.””