But we also know that if the industry fails to push ahead with improvements to the system, Australians will be denied the full benefits of a modern retail payments system. To a large extent, the future approach of the Payments System Board depends on the behaviour of industry participants.
* * * Mr Chairman, Honourable Members of the Committee on Economic and Monetary Affairs, Ladies and gentlemen, I am honoured to be here today before your Committee to present the ECB Annual Report for 2016. The Annual Report is an essential element of our democratic accountability. It supports the democratic debate regarding our decisions.