Australian Banknotes
Australian dollar denominations shown in a photo illustration at a currency exchange in Sydney, Australia, June 7, 2016. Reuters/Jason Reed/File Photo

The Reserve Bank of Australia (RBA) released on Thursday, Sept 1, the new $5 note with enhanced security features to curb forgery and counterfeiting. Among these are top-to-bottom window and security features which could be viewed when the bill is tilted.

A lot of the features of the old $5 bill are retained, but the new one has the Prickly Moses, a different species of Australian wattle, plus the Eastern Spinebill, a native bird. It took the RBA 10 years of trials, research and consultations with experts in battling counterfeit and the cash handling industry which cost Australian taxpayers $37 million that would upgrade all denominations in the next 12 years, reports ABC.

Michael Anderson, RBA head of note issue, says the central bank has a group of scientists very familiar with techniques used by counterfeiters. “We led the world in plastic banknotes. We are now leading the world in the design and technology in the way we've integrated the security features into this banknote,” he explains.

It has a tactile feature to help people with vision impairment distinguish among other banknotes with different denominations. It is a raised bump on each of the long edges of the banknote, next to the top-to-bottom window.

Michelle Bullock, RBA assistant governor for business services, says the older $5 notes are still legal tender in all establishments. In the next 12 months, RBA would upgrade the $10 note, also to be printed by Note Printing Australia.

With the new $5 banknote, another RBA ruling takes effect on Sept 1. Large merchants could no longer impose excessive card surcharge fees, points out Sydney Morning Herald. It means airlines could no longer charge $7 for cheaper fares of Qantas or collect a $7.70 credit card fee for Virgin.

Merchants with turnover of over $25 million or have more than 50 workers could charge only actual cost to a credit or debit card. Card issuers would be required to provide merchants with detailed costing so they would not have any excuse collecting surcharges. Smaller merchants are given one year grace period to comply.

VIDEO: Next generation of Australian banknotes New $5

Source: RBAinfo