Invest
New $100 banknote rollout a ‘big logistical exercise’
The Reserve Bank has announced a release date for its much-anticipated new $100 banknote.
New $100 banknote rollout a ‘big logistical exercise’
The Reserve Bank has announced a release date for its much-anticipated new $100 banknote.
The new note will commence circulation later this month – on 29 October 2020.
According to the Reserve Bank, the newest banknotes have been in production since mid-2019 and will soon be distributed ahead of their release into general circulation, following on from the successful recent rollouts of new $5, $10, $20 and $50 banknotes.
Calling the release a “big logistical exercise”, the central banking authority said there are more than 400 million $100 banknotes in circulation, which means like any new banknote, “it will take time for them to be widely available”.
The new note contains a number of security and design features, including a rolling colour effect visible on both sides of the note, a top-to-bottom window, textured printing and a tactile feature.
It also celebrates the contributions of “two outstanding Australians”, the Reserve Bank said. Sir John Monash and Dame Nellie Melba both feature on the note.
The Reserve Bank outlined Sir John Monash’s achievements as an engineer, soldier and civic leader, and a “significant figure in the building-construction industry”.
He is also known for his service as a commander in the First World War.
Dame Nellie Melba was an internationally renowned soprano in the late 19th and early 20th centuries, who is also known for her important contributions to the arts through her teaching at the Melba Memorial Conservatorium of Music in Melbourne.
The bank has indicated that it is working closely with cash-handling machine manufacturers and businesses that use the machines to prepare for the upcoming circulation.
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