A new Australian $10 note is on its way

A new $10 Australian banknote will be released next year.

It follows the new $5 which went into circulation at the start of this month.

Philip Lowe, the new governor of the Reserve Bank of Australia, outlined his plans for new notes when he spoke today to the House of Representatives Standing Committee on Economics.

“You will, I hope, have noticed that a new $5 banknote was issued on 1 September,” he said.

“We are very proud of it. It has innovative security features, including the world’s first clear top-to-bottom window.”

The note also has a tactile feature to help the vision impaired.

Lowe says the RBA anticipates releasing a new $10 banknote next year and a new $50 after that.

“The rationale for introducing new banknotes is that we want to make sure that counterfeiting rates in Australia remain low,” he says.

“Our current banknotes have stood the test of time, but as technology has improved so have counterfeiting capabilities, and there has been some increase in counterfeiting.”

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