banknote
Australia's Reserve Bank Assistant Governor of Business Services Lindsay Boulton uses an ultraviolet light to display security features of the new A$10 bank note on the first day of its introduction into the Australian economy in Sydney, Australia, September 20, 2017. Reuters/Jason Reed

The new $10 Aussie banknote entered general circulation Wednesday following the release of the new $5 banknote last year. Governor Philip Lowe described the launch as a milestone in the program to deliver Aussie banknotes at the cutting edge when it comes to security against counterfeiting.

“I am pleased that from tomorrow people will start to see the new $10 entering their wallets and pockets, and that it continues the tradition of celebrating two of Australia's most prominent writers,” Lowe said in a press release on Tuesday. The new $10 banknote reportedly has his signature.

The new $50 banknote is expected to enter circulation next year. The other denominations in the series will be introduced in subsequent years.

The new $10 banknote still has the images of Dame Mary Gilmore and AB “Banjo” Paterson. It also includes elements of their works. It has the same size, and its colour palette is the same as the existing $10 banknote. It has the same features as the ones introduced with the new $5 banknote to protect against counterfeiting and maintain public confidence.

These features include the top-to-bottom window that has several interactive elements, a patch with rolling colour effect, fluorescent ink and raised printing. All banknotes in the series include a tactile feature in order to assist the vision-impaired community.

The existing series of banknotes will be progressively withdrawn from circulation. They will retain their legal tender status and can still be used.

The Reserve Bank is responsible for every aspect of the production and issuance of Aussie banknotes. According to its site, it works to ensure that the public has confidence in their banknotes as means of payment and a secure store of wealth.

Aussie banknotes are printed on a polymer material. They incorporate security features that are easy to recognise by the public but are difficult to imitate.

In other news, Aussies are urged to have their say on the digital future of the nation under a Digital Economy Strategy, which is expected to be released early next year. The strategy will be developed in consultation with the community, small and medium-sized businesses, thought-leaders, government and the private sector.

It will outline how Aussies can work together to seize the benefits of digital transformation and secure Australian jobs into the future. Minister for Industry, Innovation and Science Arthur Sinodinos said he believes the nation can also become a world leader in digital innovation.

RBAinfo / YouTube

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