Reserve Bank of Australia Annual Report – 1994 Note Printing Australia

Note Printing Australia (NPA) operates as a separate business enterprise within the Reserve Bank, with its own Board of Directors established under charter from the Bank's Board. It manufactures Australia's currency notes for the Bank, and produces notes and various security products for other customers.

NPA produced 364 million Australian notes in 1993/94, about the same as in the previous year. During the year the Bank reassessed its requirements for new notes in the light of evidence that the circulating life of the $5 and $10 polymer notes was proving to be longer than had been expected. A consequent cutback in the Bank's order meant that NPA's operating levels in the second half of the year were substantially lower than in the first half.

The polymer $10 note released in November 1993 won a design award at the 11th Australian National Print Awards in March 1994.

The enhanced security features and greater durability of polymer notes have attracted significant interest overseas and NPA has been active in promoting its unique technology to a variety of central banks and security printers. NPA is the world leader in polymer note technology, and its research program is aimed at improving further the handling and security characteristics of polymer notes.

During the year NPA was contracted to design and print the pages of Australia's “new generation” passport for the Commonwealth Government, and a new series of travellers' cheques for the Commonwealth Bank. Both products incorporate a range of advanced security features, some of which are unique and involve specialised technologies used in currency note printing.

NPA is the Bank's agent in managing its numismatic business and has been expanding this activity, with sales almost doubling in 1993/94. Several new products were developed and marketed to Australian and overseas collectors, including the first joint note/stamp project with Australia Post. NPA's Exhibition and Display Gallery has a range of exhibits covering the design and printing of Australian and overseas currency notes, and during 1993/94 provided some 13,000 visitors with an opportunity to view the note-printing process.

Close co-operation between management and trade unions, through the Joint Union/Management Consultative Committee, continued during the year. This was of particular benefit in reaching decisions about staff deployment and extended leave-taking in response to lower note demand and production in the second half of the year.

During 1993/94 NPA made further progress in identifying and eliminating waste and inefficiencies in its operations. As a result of a joint project with its insurers, NPA has successfully implemented a program to facilitate the early return to work of staff following injury, as well as commencing a major program aimed at identifying and eliminating risks of manual handling injuries in the workplace. An external safety audit identified a number of areas in which substantial improvements have been made in safety performance, while also pointing to areas for further progress.

The Board of NPA is chaired by Mr G.J. Thompson, Deputy Governor. Other members are Mr F.M. Bethwaite, Managing Director, Renison Goldfields Consolidated Limited, and Mr J.N. Davenport, a former member of the Bank's Board.