Counterfeit Cash in Australia Hits 8-Year Peak

Counterfeit banknotes in Australia have surged to an 8-year high, according to new data from the Reserve Bank of Australia. In the 12 months leading up to March 31, 2023, authorities detected 40,613 fake notes, predominantly $50 and $100 denominations. This marks the highest detection rate since June 2018, with a 277% increase over the past 15 months.

The Australian Border Force has noted a rise in counterfeit currency entering the country through air cargo and international mail, with criminals using more sophisticated concealment techniques. The quality of counterfeit notes has also improved, making them harder to distinguish from genuine currency. Recent incidents include a 32-year-old man charged in South Australia for using fake $50 notes and a similar case in Queensland.

To combat counterfeiting, the Reserve Bank introduced 'next generation banknotes' between 2007 and 2020, featuring enhanced security measures like holographic flying birds and fluorescent elements under UV light. Despite these upgrades, both older and newer notes remain legal tender, increasing the risk of unknowingly accepting counterfeit money.

The Reserve Bank advises quick checks to verify banknotes, such as feeling, holding them to the light, and tilting them to observe dynamic security features. If a note is suspected to be fake, authorities recommend bagging it, noting how it was obtained, and reporting it to police or the Australian Federal Police.