Bulletin – September Quarter 2015 Banknote Stakeholder Engagement Abstract

The Reserve Bank has a responsibility to ensure confidence in Australia's banknotes as a secure method of payment and a store of wealth. One of the ways in which the Bank does this is by providing education and training to people who handle cash regularly in their jobs, and the public in general, so that they can easily check the authenticity of their banknotes. In the lead-up to the next generation of Australian banknotes, this work will be crucial to ensure public confidence in the new banknote series. It is also important to engage with key stakeholders who produce and use machines that will accept the new banknotes. This article outlines the work that the Bank has undertaken to establish suitable communication channels and engage with key stakeholders in preparation for the Next Generation Banknote (NGB) program.

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Transcript

The Reserve Bank has a responsibility to maintain the public's confidence in Australia's banknotes. That confidence can take two forms. Security, making sure that the banknote you have is genuine. And functionality, you want to know that when you take your banknote out to conduct a transaction that it's going to be accepted.

Increasingly, we're using machines in our transactions. They can be ATMs, they can be self-service checkouts and they can be vending machines. Twenty years ago when we released the current series of banknotes, machines weren't about. Acceptance was more about whether the teller or the cashier would accept your banknotes. Now, we've got to make sure that these machines accept banknotes and dispense banknotes properly for the economy to keep functioning properly.

The Bank regularly talks to many stakeholders and as we prepare for the new series we've increased that engagement with all of those stakeholders. Banknote machine manufacturers were identified as being an important stakeholder group that we needed to increase our engagement with.

We'll provide them with real banknotes so they can make those final adjustments to their machines and distribute them around the country so they'll be ready to accept the new banknotes when we release them.

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