The rate of counterfeit banknote detection in Australia reached 20 notes per million in the March quarter, the Reserve Bank of Australia said in its six-monthly update, the highest level recorded since June 2018. In the 12 months to 31 March, 40,613 fake banknotes were detected across the country.
The detection rate rose 277% in 15 months, up from a low of 5.3 notes per million recorded in December 2024. Of the counterfeits found, 95% were $50 and $100 notes. The Australian Border Force warned that the quality of counterfeit notes being detected had improved.
The Reserve Bank states that counterfeit notes have no monetary value, meaning anyone who unknowingly accepts one faces a financial loss. Local businesses and individuals selling through online marketplaces have reported incidents this year of being paid with fake $50 or $100 notes. Police across Australia have increased warnings about identifying fake notes and what to do when one is suspected.
Australia's polymer banknotes, the first of their kind in the world, were developed locally with the CSIRO. From 2007 to 2020, the Reserve Bank ran a banknote upgrade programme that introduced stronger anti-counterfeiting features while keeping colours, sizes and portraits recognisable. Both the earlier polymer notes from the 1990s and the newer notes remain legal tender.
Anyone who receives a counterfeit note and fails to spot it before passing it on loses its face value, as fake notes cannot be exchanged or redeemed. The Reserve Bank advises that people may refuse to accept a note they suspect is counterfeit.
Official statements: Reserve Bank of Australia
Reporting: The Conversation, ABC News, The Guardian
Written by Pick & Scroll News from the reporting and documents linked above.
