Michele Bullock became the new RBA governor and that means one detail will be changing on Aussie money.
There’s a small detail on Aussie banknotes that will soon be changing, but you might not have ever noticed it.
Each Aussie banknote has the signatures of the Reserve Bank of Australia (RBA) governor and secretary to the Treasury printed on them. Since 2022, the RBA governor’s signature has been printed above that of the secretary to the Treasury.
With Michele Bullock taking the top job at the RBA this week, that means this signature will also have to change to replace that of former governor Philip Lowe.
The RBA said it still had existing banknote stock with Lowe’s signature and said it would continue to release them into circulation, based on demand.
Banknotes with Bullock’s signature will be issued in due course, as part of normal banknote stock management.
Bullock is the ninth RBA governor and the first female governor in the central bank’s 63-year history.
She will be responsible for overseeing a major overhaul of the RBA’s operations, following the review into the central bank earlier this year.
This includes cutting to eight the number of times the RBA meets each year, rather than the current 11. Each meeting will go for longer and the RBA governor will hold a press conference after every meeting to explain the board’s interest rate decision.
$5 note changing
Earlier this year, the RBA confirmed King Charles III would not be replacing Queen Elizabeth II on the $5 note following her death. Instead, the new design will honour First Nations people.
“The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed,” the RBA said.
In the meantime, the current $5 note will continue to be issued and remain legal tender even after the new banknote is issued.
The Royal Australian Mint will start minting coins with the portrait of King Charles III this year.