Finally, the ability to send more complete remittance information with a payment could reduce costs for Australian businesses making payments to the government by including remittance information within the payment message rather than sending the information via a separate channel. It could also reduce the amount of back office work required by government agencies in trying to align payments with relevant information.
It is important for us that promoting the greening process does not take place through the back door via financial market regulation and banking supervision. This is something we will watch out for when the action plan is implemented. Instead, policymakers can use other, traditional instruments such as tax incentives to foster the development of green economic sectors.