New Australian banknotes are coming

Despite predictions that by 2027 there will no longer be cash transactions, the Reserve Bank has announced an overhaul of
Australia

Despite predictions that by 2027 there will no longer be cash transactions, the Reserve Bank has announced an overhaul of Australian bank notes.

The next generation of $5, $10, $20, $50 and $100 notes will be released on September 1. Why? Well, it coincides with National Wattle Day because the new five-dollar note will feature native wattle.

Currently, the five-dollar note features Queen Elizabeth II on the front, along with eucalyptus leaves. There is a number 5 in the right hand corner of both sides, and Parliament House is on the back.

The Next Generation Banknote Project started in 2007, and is well behind schedule. Back in 2012, The Australian revealed The Reserve Bank had been working on a top-secret project for five years to issue a new series of polymer bank notes for Australia at a cost of $9.3 million.

 

There’s no doubt now that this figure has ballooned.

Reserve Bank of Australia governor Glenn Stevens said the notes will have a range of new security features and the designs will have different species of Australian wattle on each denomination.

“The new series will also include a `tactile’ feature to help the vision-impaired community distinguish between different denominations of banknotes,” he said in a statement.

While the updated notes will have a “fresh, modern feel”, they’ll be the same colour, size and people portrayed on each denomination.

“The public will recognise the new banknotes,” Mr Stevens said.

The release marks the 50th anniversary year of Australia’s conversion to the decimal currency system, switching to dollars and cents from pounds, shillings and pence.

In recent months there has been a petition to put eye surgeon Fred Hollows on the five-dollar note, with former prime minister Bob Hawke, Olympian Cathy Freeman and Dr Hollows’ widow Gabi getting behind the “Get Fred on the Fiver” campaign.

The RBA’s factsheet confirms all existing notes will continue to be legal tender.

“Considerable work has already been undertaken on this project, including the development and review of banknote designs and production trials of new security features. It is important that the new features are durable, effectively incorporated into the banknote designs and rigorously tested”, it said.

More details about the designs are expected to be revealed later this year.

Tell us, are you looking forward to seeing the next generation banknotes? Do you feel it’s a good use of Government funds?

  1. It does not bother me if they change BUT we don’t have $2 notes , we have a $2 coin these days 🙂

  2. I can’t get really excited about this. A bit more secure, tick. More tactile for the visually impaired, tick.

  3. More waste of tax payers Money, just for Wattle Day. Stop the world, I want to get off😜

    • Peter  

      No! The mint will make huge amounts of new money selling the security technology to other countries, as they did with the development of the plastic notes.

  4. The American “greenback” has remained unchanged and it doesnt seem to have suffered from the stability – although I do prefer our own currency notes. I dont think it is a good use of government funds when everything from Medicare to Pensions is being pared back, but since it has already begun, it will be interesting to see how the new notes look and feel.

    • I agree. It is strange what they choose to spend our money on. The cost of this could have been better spent elsewhere.

    • I agree. It is strange what they choose to spend our money on. The cost of this could have been better spent elsewhere.

    • I think the American notes horrid. The $1 notes seem to accumulate and you end up with a pile of notes with a total value less than $20. They are all green with not much to identify the different value in colour or size. I study the value very carefully when using it, double checking before handing it over.

    • I think the American notes horrid. The $1 notes seem to accumulate and you end up with a pile of notes with a total value less than $20. They are all green with not much to identify the different value in colour or size. I study the value very carefully when using it, double checking before handing it over.

    • Barbara Easthope But they are worth so much more than our ‘peacocks’.. Give me the greenbacks any day.

    • Barbara Easthope But they are worth so much more than our ‘peacocks’.. Give me the greenbacks any day.

  5. In this current economic climate I don’t think we need to be wasting money on printing new money when the old money will suffice, how’s that for a mouthful

  6. In this current economic climate I don’t think we need to be wasting money on printing new money when the old money will suffice, how’s that for a mouthful

  7. Anything that makes our notes harder to counterfeit, and easier for visually impaired will be good. No I don’t think it a waste of money. Of course there are so many other things the money could be used for but for those businesses who have been left out of pocket as staff have accepted counterfeit bank notes anything that helps prevent this will be good. As long as they are not too dissimilar to what we already have I will look forward to seeing them.

  8. OK …so whete’s Fred Hollows. Oh whoops silly me, he wasn’t a hugely wealthy entrepeneur. He was just an enormously talented and philanthropic individual who cared about disadvantaged people everywhere.

Leave a Reply

Your email address will not be published. Required fields are marked *