Each business day in Australia, on average, around 100 million payments worth around $220 billion are made, equivalent to about 20% of GDP. With the financial and insurance services sector being around 11% of the economy, it is understandable the Australian government is looking at ways to improve its productivity. The Reserve Bank's Real-time Gross Settlement System for high value and international payments works well. However, the payments system is a network, and so some issues require a collaborative approach that market forces and competition policy are not always sufficient to induce. Asian economies typically do not have large legacy investments and therefore are beginning to implement ISO20022 compatible, real-time payments systems. Slow implementation would deprive Australian financial services and technology firms of opportunities to develop products and services with potential application in the fast growing Asia payments markets.