The RBA said in a statement on Monday that the project was part of ongoing research on wholesale CBDC.
It is expected to be completed by the end of the year and the companies involved intend to publish a report and their main findings during the first half of 2021.
Under the project, a proof-of-concept will be developed for issuing a tokenised CBDC that can be used by wholesale market participants for funding, settlement and repayment of a tokenised syndicated loan on an ethereum-based DLT platform.
RBA assistant governor (Financial System) Michele Bullock said: ‘With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions.
"While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system."