Australia's $50 note gets a makeover

Australia's $50 note gets a makeover

The Reserve Bank has today revealed the design of the new $50 banknote, which will be released into general circulation in October 2018.

As with the current banknote, the new $50 will show:

  • David Unaipon – an Aboriginal writer and inventor
  • Edith Cowan – the first female member of an Australian parliament

Existing $50 banknotes can continue to be used, as all previously issued banknotes remain legal tender.

The upgraded $50 banknote will feature several new security features (see video), including a top-to-bottom clear window containing dynamic elements such as a reversing number.

It will also contain a patch with a rolling-colour effect and microprint featuring excerpts from David Unaipon’s book and Edith Cowan’s maiden parliamentary speech.

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The Reserve Bank said their stories will be told through a range of design elements:

  • Shields from Unaipon’s Ngarrindjeri nation
  • The practices of ‘miwi’ and navel cord exchange about which Unaipon wrote
  • Cowan’s gumnut brooch, which symbolised how parliament was a ‘hard nut to crack’ for women
  • The King Edward Memorial Hospital, a women’s and maternity hospital that Cowan helped establish

As with the $5 and $10 banknote, the new $50 banknote will include images of native flora and fauna:

  • A wattle plant, called acacia humifusa
  • A black swan, which was both Unaipon’s totem and the bird of Cowan’s home state of Western Australia

The Reserve Bank said it was working closely with banknote equipment manufacturers and retailers to help them prepare ATMs to handle the new banknote.

Governor Philip Lowe said the key elements of the new $50 banknote were improved security and ease of recognition.

“With the release of the $5 and $10 during the past two years, we are confident the Australian public are becoming familiar with the new banknote security features,” he said.

“David Unaipon and Edith Cowan were campaigners for social change and we are proud to continue featuring them on the $50 banknote. The new banknote provides the opportunity to tell more of the rich story behind these distinguished Australians.”

The Reserve Bank said it expected to upgrade the $20 banknote in 2019.

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There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

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One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

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To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).

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You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

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Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.

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To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

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Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

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