Set for circulation on 9 October 2019, the banknotes will be shipped around the country ahead of that date, with the RBA acknowledging that “as with any new banknote, it will take time for them to be widely available”.
It’s a “big logistical exercise” to move more than 170 million banknotes into circulation, RBA governor Philip Lowe quipped, before noting that the Reserve Bank has been working closely with manufacturers and businesses that use cash-handling machines in preparation for the new note release.
The new $20 note will feature portraits of Australians known “for their enterprise and ingenuity”.
Mary Reibey was a convict who became a successful businesswoman, while Reverend John Flynn pioneered the Royal Flying Doctor Service, a statement said.
Similar to the recently circulated new $5, $10 and $50 banknotes, the $20 banknote contains new security features inclusive of a rolling colour effect and a top to bottom window.
While the $100 banknote is yet to see its own update, the RBA has said Australians can expect a new iteration of the denomination in 2020.
Grace Ormsby is a journalist for Momentum Media's Nest Egg.
Before moving into the finance realm, Grace worked on Nest Egg's sister site Lawyers Weekly, and was previously a staff reporter at the NSW Business Chamber.
She holds a Bachelor of Communication (Journalism), a Bachelor of Laws (Hons) and a Diploma of Legal Practice from the University of Newcastle.