From September 1, 2016 the Reserve Bank of Australia will issue new design $5 notes and, while existing $5 notes will remain legal tender, retailers need prepare for the new note’s release.
Russel Zimmerman, executive director of the Australian Retailers Association, says retailers should ensure staff are trained to identify the new $5 banknotes and are able to use the notes new security features ahead of the September 1 release.
Mr Zimmerman also advises retailers to check any relevant technology or machines they are using to accept or process notes such as bank note counters, self serve checkouts, vending or car park ticketing systems should be checked for compatibility.
“Importantly for retailers, machines that process banknotes will likely need to be upgraded or adjusted to accommodate the new banknotes. Machine users should discuss the required upgrades with their manufacturer or/and distributor,” Mr Zimmerman said.
For more information visit: banknotes.rba.gov.au