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Next Generation of Banknotes: Circulation Date for the New $50 Banknote

Summary:
As announced by the Governor Philip Lowe yesterday in his comments in Perth, the new banknote will be released into general circulation from 18 October 2018. The Governor noted that the new banknote features portraits of Aboriginal writer and inventor David Unaipon and Australia's first female member of parliament Edith Cowan, both prominent advocates for social inclusion. The banknote also includes new security features, similar to those on the new and banknotes issued over the past two years as part of the upgrade of Australia's banknotes. The is the most widely circulated banknote, and is the denomination primarily used in ATMs.

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As announced by the Governor Philip Lowe yesterday in his comments in Perth, the new $50 banknote will be released into general circulation from 18 October 2018.

The Governor noted that the new $50 banknote features portraits of Aboriginal writer and inventor David Unaipon and Australia's first female member of parliament Edith Cowan, both prominent advocates for social inclusion. The banknote also includes new security features, similar to those on the new $5 and $10 banknotes issued over the past two years as part of the upgrade of Australia's banknotes.

The $50 is the most widely circulated banknote, and is the denomination primarily used in ATMs. The Reserve Bank has been working closely with manufacturers and businesses that use cash-handling machines to help them prepare for the new $50 banknotes.

The $50 notes are currently being shipped around the country in time for release on 18 October. As with any new banknote release, however, it will take time for the new notes to be widely available. The existing series of banknotes can continue to be used as all previously issued banknotes remain legal tender.

Full details of the design and security features on the new $50 banknote are available on the Bank's website at banknotes.rba.gov.au.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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