Payments Settlements Graduate Development Program

It’s a view not many get to see. When you buy a coffee, pay a bill or send money to a friend, it’s likely the transaction will involve exchanging money between different financial institutions. Those payment obligations (and most other non-cash payments in the economy) will ultimately settle across accounts that financial institutions hold with the RBA and access through RITS, a piece of critical national infrastructure owned and operated by the Payments Settlements department.

The funds in these accounts, also known as reserves, allow financial institutions to settle obligations between themselves using central bank money, the ultimate risk-free asset. RITS also settles many of these obligations individually in real time, eliminating exposures between financial institutions that could threaten the stability of the financial system if not settled when due.

Start your career in Payments Settlements and you will:
- Become a payments expert.- Gain unique insights into how the RBA, and central banks more generally, achieve some of their policy objectives through the operation of critical interbank settlement infrastructure.- Work with other areas of the RBA on a diverse range of matters including payments innovation and regulation, liquidity facilities, financial stability and technology.- Collaborate with payments industry stakeholders to improve the efficiency and resilience of payment operations.- Help the RBA ensure that RITS meets evolving international best practice for financial market infrastructures and collaborate with international counterparts on how to do this.- Research and analyse payment trends and industry developments that help shape the RBA’s settlement services.- Help design and implement new and improved settlement services and technologies.- Be supported to develop skills and experience that will help you achieve your career ambition.

In 2026 graduates joining Payments Settlements will commence in one of two areas, Strategy and Analysis or Membership and Governance.

Strategy & Analysis

You will directly contribute to the strategic development and innovation of RITS, ensuring it remains secure, stable, and efficient in the face of a rapidly changing payments landscape. Responsibilities include analysing data to inform business policy and design, collaborating with other departments and external partners to support the Bank’s broader policy objectives, and understanding developments in global payment systems to inform the direction of Australia’s financial infrastructure.

Membership & Governance

You will contribute to managing relationships with financial institutions and payment system operators, developing a deep understanding of the critical role RITS plays in their payments businesses and operations. You will assist in the management of the legal frameworks and agreements that underpin RITS, and the arrangements that govern its operation. You will liaise with a range of financial institutions seeking access to RITS, supporting the assessment and onboarding process. Additionally, you will engage with the operators of other payment or market systems that link to RITS, evaluating the adequacy of their operational and contingency arrangements with respect to the smooth functioning of RITS.

Assessment Criteria- We're looking for dynamic, motivated graduates who are interested in learning about the critical role of the central bank in operating payments systems - enabling the flow of money in the economy. You should be a strong communicator, a collaborative team player, and driven to support good payment system outcomes for Australia.- You hold or are completing a degree with strong achievement in economics, law, or another Commerce or STEM field.- Completion of a significant research project (e.g., honours or capstone) is desirable.- You hold Australian permanent residency or citizenship, or New Zealand citizenship. Be More

Working for an organisation that truly makes a difference to the people of Australia, we can offer development and career opportunities in a collaborative environment that supports your growth, wellbeing and promotes flexibility. Your individual growth and success drives the RBA forward as an organisation. Be more means you can do more, for yourself and for Australia.

Why RBA?

The RBA makes an important contribution to the Australian economy through the pursuit of national economic policy objectives and associated activities in financial markets and banking. We also issue Australia's banknotes and operate infrastructure critical to the payments system, all of which contribute to the welfare of the Australian people. Made up of specialists across a wide range of fields, our people, values, and culture play a critical role in achieving our objectives. Striving to be Open & Dynamic, we consider and incorporate different perspectives, work across teams and are transparent with each other, whilst delivering quality together effectively and focusing on outcomes by pri