AS of October this year, new look $5 and $10 banknotes will be released into circulation around the country with the release of $20, $50 and $100s set for April 2016. The key aim of the new note project is to benefit from technological advances in security features as it has been 15 years since our notes have been upgraded.
What does this mean for your business? All companies using banknote equipment will be affected as although the new notes remain the same size, they will have new weights and security features that will not be recognised by current money counting machinery and software. The new notes will co-circulate with the current notes for a period of time and both sets will be legal tender. The Reserve Bank is working with manufacturers of banknote equipment to ensure they’re well prepared for the changes, and the transition to the new notes happens as seamlessly as possible. Reserve Bank Deputy Governor Geoff Bascand said designs and printing techniques have advanced significantly since the current banknotes were released in 1999, and demand for cash continues to increase.
If you’re a retailer with banknote equipment, you will need to contact your supplier to ensure they’re participating in the calibration programme.
