Australia-Mexico partnership on polymer bank note technology

Press release by the Australian Treasurer, The Hon. Peter Costello MP

09.09.02, Mexico City

The Australian Treasurer, The Hon. Peter Costello MP, and the Governor of the Bank of Mexico, Dr Ortiz, today launched the new 20 peso banknote in Mexico City. The note, which uses Australian polymer technology, will replace the existing 20 peso paper note.

The production of the new 20 peso banknote is a joint project between the Australian company, Securency, and the Bank of Mexico. This decision of the Bank of Mexico, using Australian know-how, positions Mexico as the leading North American country to adopt the new technology, ahead of the United Stated of America and Canada.

Securency has a long and proven track record in the production of polymer substrate (Guardian®) for banknotes and related security technologies. It is recognised as the world leader. Guardian® Polymer banknotes have now been issued in 20 countries.

Australia was the first country to introduce and adopt the polymer banknote technology. In 1988, the Reserve Bank of Australia introduced the first polymer bank note for circulation - an Australian "Bicentennial" 10 dollar special issue. Between 1992 and 1996, Australia adopted polymer technology for all five banknote denominations - $5, $10, $20, $50 and $100. Australia has enjoyed a very positive and successful experience with polymer bank notes. The new technology has provided a high level of banknote security and increased longevity.

The release of the polymer banknote is another positive sign of the growing bilateral relationship between Australia and Mexico. To strengthen that relationship, the Australian Treasurer, Mr Costello, and the Mexican Finance Minister, Sr. Francisco Gil Diaz, signed a Double Taxation Agreement today to benefit Australian and Mexican companies.

Trade between Australia and Mexico now stands at more than $A1 billion. Mexico exports communications equipment, passenger motor vehicles, computers and computer parts. Australia's main exports are coal, meat, wool and livestock. While Australia has traditionally exported primary products, the banknote is just one of a number of new technology exports which are deepening and expanding Australia-Mexico relations.