NO.054

AUSTRALIA-MEXICO PARTNERSHIP ON POLYMER BANKNOTE TECHNOLOGY

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.

9 September 2002

Mexico City