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.