Earlier this month, Philip Lowe, Governor of the Reserve Bank of Australia (RBA), announced the opening of a new banknote distribution centre and vault in Craigieburn, in the Melbourne area. This new facility will help the bank manage the issuing and storing of banknotes for the coming years.
At present, 1.5 billion banknotes are circulating in Australia, not to mention the reserves that the RBA keeps for emergencies. Despite the rising popularity of digital instruments, banknotes are still very popular among the population. Indeed, 67% of transactions were made in cash last year. Furthermore, Philip Lowe stated that the value of notes in circulation in 2016 was the highest in 50 years relative to GDP.
The new centre is equipped with the latest technologies and built around a large and highly secure vault. It represents the first significant investment in banknote storage and distribution for decades.
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