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Thumbs up for the new money

Author
Michael Sergel,
Publish Date
Fri, 21 Nov 2014, 5:03AM
(Photo: Reserve Bank)
(Photo: Reserve Bank)

Thumbs up for the new money

Author
Michael Sergel,
Publish Date
Fri, 21 Nov 2014, 5:03AM

Don't rush to change those bank notes just yet.

From October next year, the Reserve Bank will introduce new notes it hopes will be much harder to counterfeit.

They'll be brighter and clearer, with larger transparent windows and striking holographic features.

But Kirk Hope from the Banking Association says they'll be phased in gradually, so everyone can change over in time.

He says the Reserve Bank has gone through a long development process and have worked well with the industry.

Mr Hope also believes the notes will be very hard to copy.

He says that will mean even fewer opportunities for counterfeiting, fraud and money-laundering.

Banks have been involved in the design and the roll-out of the notes.

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