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“The new notes contain the same world-leading security features as the new note, including a clear top-to-bottom window, and a tactile feature so that it can be recognised by vision-impaired members of the community,” Mr Lowe said.
The new note will feature two small raised dots along one edge to assist people from the blind and low vision community to identify it.
Part of tackling the problem is tracking where the banknotes go. As at June 2017, there were 1.5 billion Australian banknotes worth A.6 billion on issue, according to the Reserve Bank of Australia (RBA).
Demand for A and A0 notes, favoured by those handling large amounts of cash, is particularly strong.
Further information on the new banknote, including videos explaining the new features, can be found at
Stopping people using and hoarding large sums of cash could be a crucial step in cracking down on tax avoidance.
The Australian Government’s , due for release in December, is expected to contain a range of measures recommended by the Black Economy Taskforce, including a possible A,000 limit on cash transactions, a crackdown on business deductions for cash wage expenses, and greater support for non-cash payments. Access a handpicked selection of resources each month and complete a short monthly assessment to earn CPD hours. In the meantime, the Australian Taxation Office (ATO) warns that businesses operating on a cash-only basis should not assume they are invisible to the taxman.Remarks: all images reduced 50% Banknotes are attributed to last Pick's catalogue: Standard Catalog of World Paper Money, volume 2: General Issues 1368-1960 Standard Catalog of World Paper Money, volume 3: Modern Issues 1961- Standard Catalog of World Paper Money, volume 1: Specialized Issues home - glossary, grading etc. No part of our web site publication may be used, reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or stored in any retrieval system of any nature, without our prior written permission.With so much potential revenue at stake, it’s little wonder the Australian Government is dreaming up ways to bring such transactions within the tax system’s orbit.
The Indian Government has taken the boldest action, with its shock move in late 2016 to take all 5 rupee notes out of circulation.In the 2016 financial year, the ATO raised almost A0 million in taxes and penalties from firms and individuals using cash in an attempt to dodge their tax obligations.