The success of the Paris Club is understandable and, considering that these accomplishments were attained by what we could term a “non-institution” (there was no international treaty or written charter to set up the Paris Club), may therefore appear to be a paradox at first sight.
The network structure needs to be updated and services to customers are starting to fall behind those available in other countries. In the past, the Reserve Bank has identified real-time internet payments, business-to-business payments and online payment mechanisms as examples where progress has been made overseas but not, to date, in Australia.