The eye watering cost of designing the new $5 note

21st April 2016 3:08 PM
Supplied

The Reserve Bank of Australia has yielded to a freedom of information request and revealed the staggering cost of designing the new $5 note. 

When the note was first released on April 11 it faced an aggressive barrage of relentless criticism from the public.

There were also plenty of suggestions on how to fix it - see below.

 

 

Given the reaction to the design it's perhaps not surprising that when we phoned the media spokesman at the Reserve Bank of Australia, on the afternoon of the release and asked how much the whole thing had cost, he flat out refused to comment.

However we responded by filing a Freedom of Information request and now we've found out.

Apparently the information was on the public record the entire time - if you knew where to look.

"As stated in the Reserve Bank's 2015 Annual Report, $18.3 million had been spent on the program as at the end of June 2015," an RBA spokeswoman told us today. 

"With an expected total cost of around $29 million.

"This includes costs associated with the research and development, design, consultation, trials and testing for all five denominations.

"It is expected that updated expenditure information will be published each year over the course of the program."

So there you go, it's cost $18.3 million to create the "visual vomit" we've seen so far.

And we'll be paying even more in the future as the the RBA releases the new Mud Crab ($10 note), then the Lobster or $20 note and the Pineapple ($50) before they finally get to the big green $100 bill.