The Reserve Bank of Australia (RBA) has been working for the last five years to create new banknotes. These will replace the Australian currency currently in circulation. Coins will not be affected, but the new banknotes are supposed to have a more “youthful” look.
The project is called Next Generation Banknote, and the RBA is currently more than two years behind schedule. Next Generation Banknote has so far cost $9.3 million, and the designs have yet to be finalised. Working designs have been released and, although the RBA discussed removing Queen Elizabeth II from the $5 note, it has been decided that all portrait subjects would remain the same on the new notes.
The new banknotes will incorporate new security technology, which the RBA says is to help maintain Australia’s low level of counterfeiting. It will take several more years before the new banknotes are issued.
Read more at Bank note designs cash–in on ‘youthful’ image
Comment – Money well spent?
Security is important. I am very happy for the RBA to spend money on security. Ignoring the fact that by the time the notes enter circulation any technology will be years out of date, I’m still pro security.
But that’s not what these new notes were originally about. The initiative to create new banknotes followed research by the RBA that most Australians couldn’t name the faces on their own currency. So they decided it was time for a new, “youthful” design.
$9.3 million later, and we have a series of banknotes which are the same size, shape and colour as the old ones. The portraits featured are of the same people. No campaign to educate the masses has been undertaken, so most Australians still can’t tell you who they are. So how are they more “youthful”? The portraits feature younger versions of the original subjects. The banknotes literally have younger-looking people on them. I’m going to ignore the blatant ageism in that particular decision for the sake of staying on topic.
As far as I can see there are two possible solutions to the problem. If Australians can’t name the faces on our banknotes, either the faces need to change to reflect those people who have been important to Australia in more recent history, or we need to improve the Australian history unit in the national school curriculum so that these important figures are not forgotten.
And let’s be honest—the new designs are pretty ugly.
Do you like the new banknotes? Should the RBA have updated the portraits to reflect more modern Australian heroes, or should we be holding on to our history?
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