Newly elected Australian Prime Minister Scott Morrison has revealed he “believes” in the disruptive power of blockchain and distributed ledger technologies.

Mr Morrison, who won a Liberal party ballot on August 24 to secure the leadership, told reporters in Melbourne that we’re seeing the “biggest change in our payment rail system … for decades and decades.”

“Distributed ledger technologies and Blockchain, working in the financial sector, that’s going to open up massive opportunities,” Mr Morrison said.

“I mean the consumer data rights, the open banking reforms that we’re putting in place,

and that legislation will be coming forward. That’s going to transform the Australian banking system.

“The thing I like about it most is it’s going deliver much tougher competition for the big banks.

“And business as usual for the big banks won’t be continuing.”

“I want greater customer power in our economy, whether it’s in electricity prices, or whether it’s in banking.

“That’s my agenda. I believe in it, and my team believes in it.”

Mr Morrison made the comments at the end of a lengthy “doorstop” on September 7.

The final question asked by an individual involved in Melbourne-based cryptocurrency payments start-up Davinci Pay.

“Would you accept the innovation of cryptocurrencies to ease some of that inefficiency in the banking sector?” The Prime Minister was asked.

The response from Mr Morrison negative.

“No, I don’t think that’s the answer. I don’t,” he replied.

He then, however, went on to talk about the benefits of blockchain.