The value of banknotes in circulation stood at $101.3billion in June, equivalent to about four per cent of gross domestic product, with almost 2billion banknotes in circulation.

Australia was the first country to introduce polymer banknotes in 1988, which have been adopted by other countries such as Canada and Vietnam. The U.K. began to introduce polymer banknotes in 2016.

The report also cited data from the Australian Criminal Intelligence Commission and the Australian Institute of Health to suggest $1.6billion worth of banknotes was used to buy illicit drugs, or ...

King Charles III will not appear on Australia's new $5 banknotes, the central bank said. The paper currency will instead feature designs representing the country's indigenous people.

In May 1990, when the Reserve Bank of Australia (RBA) announced plans to replace Caroline Chisholm with the Queen on a new $5 note, the decision stoked growing republican sentiment and unleashed a ...