Global: RBA finds no clear case for retail CBDC in Australia

The Reserve Bank of Australia (RBA) has concluded that there is currently no clear public-interest case for introducing a retail central bank digital currency (CBDC), saying existing payment systems adequately serve the needs of Australian households.

The assessment follows a public consultation conducted by Verian Group, which gathered views from Australians on their payment needs and their perspectives on the potential introduction of a retail CBDC.

The findings are consistent with the conclusions of a 2024 joint paper by the RBA and the Australian Treasury on the future of central bank digital currency and digital money in Australia.

RBA shifts focus to wholesale digital money

While the central bank sees limited justification for a retail CBDC at present, it continues to examine the potential role of digital money and tokenisation in wholesale financial markets.

The RBA has reviewed findings from Project Acacia, Australia’s national research initiative exploring how different forms of digital money could support wholesale tokenised asset markets.

The project developed and tested 24 use cases, with 19 involving real-world transactions across asset classes including fixed income, private markets and trade receivables.

The research has provided the central bank with insights into how tokenised assets and digital forms of money could reshape settlement processes and financial-market infrastructure.

Consultation targets tokenised asset settlement

Building on the Project Acacia research, the RBA has launched a consultation on the future role of its high-value settlement system, known as RITS, in supporting the development of a tokenised financial ecosystem.

The consultation is seeking feedback on how the RBA’s settlement services could facilitate the growth of tokenised asset markets and tokenised private money in Australia.

The central bank is examining how existing settlement infrastructure can evolve alongside emerging financial technologies while maintaining the safety, efficiency and resilience of Australia’s payments and financial system.

Australia prepares for future payments infrastructure

According to the RBA, the consultation is one of several initiatives identified through Project Acacia that could form the foundation of a broader programme of work.

The objective is to ensure that Australia’s monetary, payments and settlement arrangements remain fit for purpose as financial markets become increasingly digital and tokenised.

While the findings reduce the immediate prospects of a retail CBDC, the RBA’s continued work on wholesale digital money and tokenised assets indicates that Australia’s approach to digital currency is shifting towards areas where the central bank sees more immediate market and infrastructure applications.

The consultation on RITS and the tokenised ecosystem is open for submissions until 30 October 2026.