RBA reveals new Australian $50 banknote design

RBA reveals new Australian $50 banknote design

RBA governor Philip Lowe said the use of Unaipon and Cowan was important for the new note.

THE Reserve Bank has unveiled Australia's new $50 banknote featuring portraits of Aboriginal author David Unaipon and Edith Cowan, the first female member of an Australian parliament.

"With the release of the five and 10 (dollar notes) during the past two years, we are confident the Australian public are becoming familiar with the new banknote security features".

"Improved security and ease of recognition underpin the design of the new $50 banknote".

"David Unaipon and Edith Cowan were campaigners for social change and we are proud to continue featuring them on the $50 banknote".

The note, nicknamed the "pineapple" for its yellow color, has a string of security features including a top-to-bottom clear window containing dynamic features and micro-printed excerpts from Unaipon's book and Cowan's maiden parliamentary speech.

The Reserve Bank anticipates the notes to be in circulation by October this year, while existing $50 banknotes can continue to be used.

In the meantime the Reserve Bank is working hard with manufacturers of all equipment handling bank notes, such as ATMs and automatic check-outs to make sure they're ready.

"The design is being released today to facilitate this ongoing work with the industry as well as staff training to ensure a smooth transition when the banknotes are released later this year". "The new banknote provides the opportunity to tell more of the rich story behind these distinguished Australians", Mr Lowe said.

As with the previous updates, the new $50 note has been given a colourful "tactile strip" to aid the vision-impaired. (Supplied) Aboriginal writer and inventor David Unaipon will also appear on a version of the note. The bank also said it is expecting to upgrade the $20 banknote in 2019.