Michael has been working in the Bank for 30 years in a variety of departments including Economic Analysis, Economic Research, International and Domestic Markets. Michael has been Head of Note Issue for nearly 10 years and has overseen the transformation of the department and the introduction of the new banknote series.
Although Australia has consistently experienced low counterfeiting rates relative to those experienced overseas, the Reserve Bank has become increasingly concerned about the vulnerability of the currency to a significant counterfeiting attack. To mitigate this risk, the Reserve Bank initiated a program in 2008 that culminated with the issuance of its first circulating banknote in 24 years. This presentation will review the motivation for the new series and the lessons that have been learned from this process.