Greater access could increase competition and innovation in our payments landscape going forward but it needs to be weighed against the central importance of ESAS to our core functions and the risks that may arise from a wider range of institutions having direct access.
﻿[ 5] I won’t repeat that here, other than to note that increases in the cash rate have been passing through to a sizeable number of loans that rolled off their earlier fixed rates last year (about 590,000 loans, or around 10 per cent of the value of all loans).