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New $10 Banknote

You might notice a new blue and gold addition to your wallet in the next few weeks as the Reserve Bank of Australia releases the new A$10 note into circulation. The new series of Australian banknotes are not a designer’s dream but they are the strongest yet in terms of preventing counterfeiting.  The first of its kind polymer note was introduced by the Reserve Bank of Australia in July 1992.  This A$5 banknote was arguably the most secure banknote in circulation anywhere in the world. But in the intervening 25 years banknote security technology, for both polymer and paper banknotes, has improved and Australia’s first polymer notes were no longer world leading.  These new notes take us back to being a world leader in this technology or at least equal to the new £10 “Jane Austin” banknote released recently by the Bank of England.  The next new banknote to be released will be the A$50, planned for 2018 and the A$20 and A$100 in later years.   The new A$50 banknote will be particularly important since, in 2016, nearly 84% of our counterfeit notes are of that denomination.

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