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Hidden reason why Aussie banknotes are changing



Australians with a keen eye will notice a small change on their banknotes in coming weeks.

In the corner of every Aussie banknote, there are signatures of two officials – the Governor of the Reserve Bank of Australia and the Secretary to the Treasury.

With the Reserve Bank of Australia's top job changing hands this week, these signatures will also have to change.

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New governor Michele Bullock's signature will replace former governor Philip Lowe's signature on new banknotes.

It will be the first time in Australia's history that a woman's signature will be printed in that spot on the note.

The RBA governor's signature has been given prime real estate on Aussie cash since 1989.

Today is Bullock's first day in the job as the ninth governor of the central bank, a job she had been preparing for since starting as an intern at the bank in 1983.

"Bit excited. Big challenges ahead but looking forward to it. Looking forward to working for the people of Australia," she said about starting the role.

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Michele Bullock during an estimates hearing at Parliament House

Not only is there a small change to banknotes, but under Bullock's tenure, there will be an overhaul of the bank's operations.

RBA cash rate meetings will take place every six weeks instead of every month from 2024.

The meetings will roll over two days instead of one and they'll be followed by a media conference where Bullock will explain the cash rate decision, the reasons and the impacts on Aussies.

Bullock's first interest rate decision is in two weeks' time.

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