Guardian™ drives Australia’s record-low banknote destruction rate
16 September 2015
Melbourne, Australia - As reported by News Corp Australia (12 September 2015), the Reserve Bank of Australia (RBA) “takes a million dollars-worth of banknotes every hour — a mix of five-dollar notes, $10s, $20s, $50s and $100s — and shreds it.”
“They do this every hour, all year. And they used to do more. In the early 1990s, they destroyed multiple millions of dollars an hour. This official graph (below) shows banknote destruction is actually at record lows.”
The article says that in Australia “our plastic banknotes last a lot longer than the old paper ones. Eight times longer, in fact. Which is why the government has to destroy less money now.”
The article links destruction to an effective note quality program, ensuring that the cash the public handle is kept to a high standard.
And the icing on the cake? 100% recycling – a program the RBA has pursued for more than a decade.
“When the shredded banknotes are melted down, they make pellets of plastic and sell them to companies that make things like plumbing. The pipes in your bathroom might be partly made of old money.”
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