What a year it has been! Here's hoping 2021 is a little calmer, healthier and dare we say uneventful.
NGB Project comes to a close
The Bank's relationship with the cash-handling industry has been an important component of the Next Generation Banknote Program. It has been more than a decade in the making and we couldn't have done it without you! Thank you one and all for your contribution in the development of Australia's secure, durable and high quality banknotes.
"The launch of the new $100 marks the completion of the first upgrade to Australia's banknotes in more than 20 years – a major milestone and an astounding achievement. So many have contributed to this project, it is impossible to thank them all”. Melissa Hope, Head of Note Issue.
Of course the business of banknotes never stops and we’re looking forward to the next exciting banknote-related development.
Recent data and research
Thank you also to all those who have responded to our recent surveys. It is always good to receive feedback from you. We were particularly pleased to hear you would like to stay in touch with us, especially when it comes to counterfeits, new banknote or technology developments, related trends and data.
To that end you might be interested in some recent articles from the Bank:
- Results from the Bank's 2019 Consumer Payments Survey suggest the use of cash for transactions has continued to fall alongside growing use of electronic payment methods. Despite this, a substantial share of consumers still use cash intensively. Results indicate around one-quarter of consumers would face major inconvenience or genuine hardship if they could no longer use cash. Cash Use in Australia: Results from the 2019 Consumer Payments Survey (18 Jun 2020)
- In 2019, counterfeiters responsible for the production of a group of high quality $50 and $100 counterfeit banknotes were sentenced. From first detection this counterfeit episode was resolved reasonably quickly, a result of effective collaboration between the Bank, federal and state police and legal authorities. A Counterfeit Story: Operation Gridline (10 Dec 2020)
The latest NGB saturation data is looking good.
The data shows net values as at end of November 2020. Percentages show new banknotes as a proportion of the total number (net million pieces) of banknotes of that denomination in circulation. Further details about banknote circulation is also available on the RBA website.
And below is a sneak peek at some data for an upcoming paper about cash use during the pandemic, the graph shows the value of cash withdrawals since September 2019 by payment method.
We are finalising plans for future engagement so keep an eye out for the next Industry Update in 2021.
Wishing you all a safe and healthy festive break, and look forward to ‘seeing’ you in 2021.
Industry Engagement Team