September 27, 2012 12:00AM
The Reserve Bank has been working on a top-secret project for five years to issue a new series of polymer bank notes for Australia at a cost so far of $9.3 million.
The Australian can reveal that the project, dubbed Next Generation Bank Note, has been mired in power struggles within the bank relating to cost overruns and delays that have left the currency upgrade more than two years behind schedule.
The project began with ambitions of breathing new life into the currency after Reserve Bank research had shown that the majority of Australians could not name the faces on the national currency. The Australian has obtained a full set of concept ...