Media Release Upgrading Australia's Banknotes

A core function of the Bank is to issue secure banknotes. Australia has one of the safest and most secure currencies in the world. It has experienced relatively low levels of counterfeiting for many years. To ensure that this remains the case, the Bank continually researches new anti-counterfeit technologies and developments in banknote design. In addition, over recent years, the Bank has had in place a program to upgrade the security of Australia's banknotes.

The upgraded banknotes will incorporate a number of new features that will mean Australia's banknotes will remain secure into the future. The banknotes will retain many of the key design elements of the current banknote series, such as the colour, size and portraits, but some design changes will be necessary to accommodate the new security features.

Considerable work has already been undertaken on this project, including the development and review of banknote designs and production trials of new security features. But it is important that the new features are rigorously tested, durable and effectively incorporated into the banknote designs. The Bank will also consult extensively with relevant stakeholders to ensure that Australia's banknotes continue to meet community needs. As such, it is anticipated that it will be several years before the first of the upgraded banknotes will be issued.

Further details will be announced as they become available.