And the information revolution, while it has deprived banks of some of the traditional lending business with their best customers, has also benefitted banks by making it less costly for them to assess the credit and other risks of customers they previously would have shunned.
Given the other innovations that I just spoke about, I expect that this trend will continue. Graph 4  Further Progress Needed The progress across these various fronts means that there is a positive story to be told about innovation in Australia's payments system.