In September 2012 the Reserve Bank announced its intention to release an upgraded series of banknotes, the Next Generation Banknote (NGB) Project.
The Reserve Bank assessed that it was appropriate to create more secure banknote designs in the hopes that this effort will deter counterfeiters by making the replication process more complex and costly.
The first denomination of the new series was the $5 banknote, and was released on the 1st of September 2016.
The second denomination of the new series will be the $10 banknote, and will be released September 2017. The release of the denominations will be progressively introduced in the following years.
In light of the potentially significant upgrades required for machines to process the new banknotes, the Reserve Bank launched an engagement program called Machine Readiness Program, during the banknote development process.
Abacus Cash Systems has been working alongside the RBA about the assessed impact of the new proposed features and physical changes of the new notes. More recently, we have been supplied with confidential sample notes with which we can test and prepare our machines for the new release.
We are currently working on an upgrade program to ensure that most current equipment, and any new equipment to be purchased, will adequately process the new banknotes.
We will continue to communicate to all our customers throughout the NGB process, providing them with a time frame, and action plan for each individual make and model of cash handling machine out in the market.
All banknotes issued by the Reserve Bank remain legal tender and can continue to be used. However, it is likely that most banknote processing equipment will require some degree of upgrade, and some equipment will even need to be replaced.
The cost associated to the upgrade will depend on the nature of the upgrade required.
Each customer should contact Abacus Cash Systems to find out how these changes will effect them.