As digital transactions become the norm, it’s fascinating to discover that the Australian $10 note, a symbol of the country’s vibrant economy and history, has not seen a new print since its significant redesign in 2017.
This revelation not only speaks volumes about the changing landscape of currency but also hints at a broader societal shift towards a cashless reality that many Australians may not have fully acknowledged.
The Royal Australian Mint continues to churn out millions of coins annually, but when it comes to banknotes, the story is quite different. The last batch of $10 notes was produced nearly eight years ago, featuring advanced security measures to prevent counterfeiting. Joel Kandiah from The History of Money provides a simple trick to verify the age of these notes: ‘Look at the first two digits of the serial number on the back of a new $10 note. That’s the year your note was printed.’
Australian banknotes have a unique serial number system that not only helps in tracking but also in identifying the year of production. Each note from a sheet, which can contain up to 54 notes, is assigned a different letter prefix such as AA or AB, followed by a seven-digit suffix. The first two numbers of the prefix indicate the year the banknote was produced, and all new banknotes on a single sheet share the same suffix, decrementing by one from one sheet to the next.
Despite the lack of new prints, the Reserve Bank of Australia (RBA) reports that the $10 note experienced a 2.8 per cent increase in circulation in the 2023-2024 financial year, surpassing the 10-year average of 2.5 per cent. This growth is particularly intriguing given that every other denomination has seen new prints since 2018, except for the tenner.
The COVID-19 pandemic played a significant role in altering cash usage patterns. The RBA observed a ‘sharp’ increase in banknote circulation, with a notable $7.7 billion in $50 and $100 notes acquired by banks to satisfy public demand. This trend suggests a community preference to hold banknotes as a precaution or store of wealth during uncertain times, rather than using them for everyday transactions.
As the pandemic’s impact on in-person transactions lessened, the demand for lower denominations partially recovered. However, the RBA anticipates that the pandemic’s influence on cash usage will be enduring. The two financial years spanning 2022-24 marked the lowest number of banknote issuances from the RBA in recent history, with the last financial year seeing around $3.6 billion banknotes issued, roughly 40 per cent of a typical year’s gross issuance.
Kandiah believes the decline in note printing is a direct result of reduced cash usage, with RBA figures showing a drop from around 70 per cent in 2007 to just 13 per cent in 2022. This figure is expected to plummet to a mere 4 per cent by 2030, as Australians increasingly opt for digital payment methods such as cards or smart devices like phones or watches.
The $10 note’s resilience in circulation, despite the absence of new prints, is a testament to the enduring value of physical currency in certain aspects of Australian life. Yet, the undeniable trend towards digital transactions raises questions about the future of cash and its role in society.
As we navigate this transition, it’s essential to consider the implications for all Australians, particularly those who may be less tech-savvy or who prefer the tangibility and familiarity of cash. The move towards a cashless society offers convenience and efficiency, but it also requires careful consideration of accessibility and inclusion.
Have you noticed a decline in your use of cash? How have your payment habits changed over the years? Do you still carry cash, or do you find yourself relying more on digital transactions? Join the conversation and let us know how the shift towards digital payments has impacted your daily life.
Also read: RBA unveils theme for new $5 banknote honouring First Nations ties to country
Too many idiots don’t carry cash, even if they have access to an ATM.
When the system goes down they’ll need to gaze at their navels. Remember the Optus outage in 2023, then the blue screen outage in 2024, and plenty of others.
Don’t let the banks and left narratives sway you from using your hard earned money, the way you want to use it. Remember what they did to Nigel Farage in the UK? They can’t do that if you use cash.
The minority 13 pet cent will be okay. As long we don’t lend the 87 per cent any money when systems go down, out of pity. That will be our and cash’s funeral.