The Reserve Bank of Australia (RBA) has revealed the design of a new, state-of-the-art $10 bill, due to be released in September.
The prime reason for the introduction of the new bill is to guard against counterfeit money, with the RBA steadily upgrading all cash notes in a bid to fight fraud.
The NRA supports in principle new technology that is used to reduce counterfeit money entering the economy, however, we do ask that any moves are done in consultation with the industry so as to cause minimum inconvenience for retailers.
Many of you will recall the issues that arose when the RBA introduced the new $5 note last year. It was done with little consultation with the industry and resulted in many retailers having to upgrade their technology in order to make devices such as vending machines compatible with the new note.
The NRA will pro-actively seek to work with the RBA ahead of the release of the new note to ensure that things run much more smoothly than last time.