By Andy Young
Hoteliers across Australia are reminded to make sure their cash handling equipment is up to date as the Reserve Bank introduces the new $5 notes.
The front of the new $5 note
The notes have now been in circulation for one week and all bank note acceptors for gaming and cash redemption terminals plus other cashier-assisted products need to be updated to accept the new notes.
News Limited has today reported that Woolworths has apparently been caught out with some of its self-checkout counters not accepting the new note, which serves as a timely reminder for all hotel owners.
The new notes include new security features to prevent counterfeiting and although key aspects of the existing design have been retained, such as the colour and the size, cash handling equipment does still need to be upgraded.
Earlier this year TheShout spoke to one of Australia’s leading manufacturers of self-service and cash assisted products in the gaming industry, ecash, and managing director Richard Soussa said that the company was working with authorities to make sure all its hardware and software was ready for the new notes.
Soussa told TheShout: “It is important to note that if your cash handling equipment has not been upgraded throughout your venue, the new banknote release will not work in your equipment.”
The new $5 notes are now in circulation and the previous $5 notes are still valid for use. The RBA has also said it expects to introduce new $10 in 2016/17, but no dates have yet been announced for other note dominations.
The RBA said: “The existing $5 banknote will be progressively withdrawn from circulation but can continue to be used as usual. All previously issued banknotes remain legal tender. It will take some time for the new banknotes to be widely circulated.”