Philip Lowe: Innovation and regulation in the Australian payments system Address by Mr Philip Lowe, Governor of the Reserve Bank of Australia, to the Australian Payments Network, online, 7 December 2020. * * * I would like to thank my colleagues in Payments Policy Department for assistance in the preparation of this talk. Introduction Thank you for the invitation to join you today.
In that regard, I think it is worth considering whether financial system efficiency may be improved if reserves and Treasury securities’ liquidity characteristics were regarded as more similar than they are today—that is to say, that reserves and Treasury securities were more easily substitutable in the context of liquidity buffers.