The launch of Australia's real-time payments system has been delayed as the Reserve Bank struggles to compete with the big four banks for IT specialists to set it up.
The head of the Reserve Bank says the system for business, public and government agencies to make 24-hour real-time payments was making "pretty good progress" but would miss its 2017 deadline.
RBA governor Glenn Stevens said the big four banks were spending about $100 million each on their infrastructure systems and hiring the specialists targeted by the RBA, which is spending about $25 million.
"The market for the kind of IT skills you need to build payment systems seems to be pretty hot right now because you've got four big institutions and then some smaller ones like us dipping into that pool," he told the House of Representatives economics committee on Friday.
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