Banks are likely to remain at the centre of the shift to electronic payments In Australia, the banking system has provided the infrastructure that has made the shift to electronic payments possible. In some other countries, the banking system has not done this. For example, in China and Kenya non-bank entities have been at the forefront of recent strong growth in electronic payments.
At the same time, we are working on implementing a well-calibrated exit strategy that is consistent with our price and financial stability objectives. In response to the crisis, we introduced extraordinary liquidity-enhancing measures to boost economic activity by supporting domestic demand, and to keep the financial system in order by managing possible pandemic spillovers to the financial system.