The Australian Central Bank has said it will prioritize a wholesale central bank digital currency (CBDC) because its economic benefits outweigh those of a retail version. Assistant Governor Brad Jones announced the launch of Project Acacia, the RBA and Treasury’s three-year digital money work plan.

According to a Reuters report, Project Acacia will focus on opportunities to improve the efficiency, transparency, and resilience of wholesale markets. The project, which includes industry participation, seeks to achieve this through tokenized money and new settlement infrastructure. Jones said the later phases of the project will involve the RBA collaborating with regional central banks.

Jones suggested that both the RBA and Treasury could still reconsider a retail CBDC. He confirmed plans for a follow-up paper on this topic in 2027. The Assistant Governor explained that if a decision to adopt a retail CBDC were made, the Australian government would ultimately have to make that decision.

However, the report quotes the senior RBA executive as seemingly downplaying the possibility of a retail CBDC being approved.

“Our assessment is that the potential benefits of a retail CBDC generally appear modest or uncertain at the present time, relative to the challenges it would introduce,” Jones said.

As per the report, some of the benefits the RBA expects from launching a wholesale CBDC include reduced counterparty and operational risks, increased transparency, and lower costs for institutions and customers.

According to the Atlantic Council, a U.S. think tank, Australia is one of 44 countries currently piloting digital versions of their respective fiat currencies. Only three countries—Jamaica, Nigeria, and the Bahamas—have launched CBDCs. Of the remaining 87 countries tracked by the Atlantic Council, 20 are in the development stage, while 39 are still at the research level.

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