Treasurer Josh Frydenberg will legislate a new power that could force Apple to join the banks in investing in the nation’s $650 billion-a-day payments system and reduce financial stability risks posed by the rising power of technology giants.
Mr Frydenberg will announce on Wednesday that the government is embracing dozens of recommendations from three policy reviews to give it and the Reserve Bank of Australia more power.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
