AUSTRALIA’S new $10 note enters circulation from tomorrow, and the Reserve Bank is hoping to avoid a repeat of last year when consumers found some businesses and vending machines unable to accept the new $5 notes.
The new note, which includes a top-to-bottom window, a patch with a rolling colour effect, fluorescent ink and raised tactile printing, retains the images of Dame Mary Gilmore and Banjo Paterson and includes elements of their works.
“The launch of the new $10 banknote is a milestone in our program to deliver Australians banknotes at the cutting edge in terms of security against counterfeiting,” RBA Governor Philip Lowe said in a statement.
“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.”
The RBA has been working with cash handlers, businesses and machine manufacturers for to ensure the new banknote will be recognised by cash scanning machines from September 20.
A spokesman said the RBA had worked closely with the machine industry since 2009 to help ensure equipment would be ready for new banknotes. “For the $10 banknote, test material was provided to machine manufacturers more than a year ago for testing and development,” he said.
“Ultimately, it is a decision for individual businesses to determine if and when they make the necessary adjustments. The Reserve Bank encourages all owners of banknote handling equipment to upgrade their machines so that their customers can use the new, more secure banknotes.”
At least one business won’t be ready, however. A spokesman for betting giant Tabcorp told Fairfax the company was “preparing to update our electronic betting terminals to accept the new 10 dollar note once testing is complete and regulatory clearance obtained”.
“Pending regulatory approval, we aim to electronically update the terminals in mid to late October,” he said. “In the meantime, customers in venues can exchange the new notes for the older $10, or for smaller denomination notes, for use in the terminals.”
The RBA says while existing banknotes will progressively be withdrawn from circulation, they will retain their legal tender status and can continue to be used. The biggest change will come late next year, when the new $50 note is expected to enter circulation.