The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.

The bank's main policy role is to control inflation levels within a target range of 2-3%, by controlling the unemployment rate according to the non-accelerating inflation rate of unemployment NAIRU by controlling the official cash rate.

The Commonwealth Scientific and Industrial Research Organisation (CSIRO) is an Australian Government agency responsible for scientific research. Notable developments by CSIRO have included the development of the first commercially successful polymer banknote.

In 1987, the RBA paid the CSIRO for the rights and the technology. In 1988, the world's first polymer banknote was issued – the now famous $10 Bicentennial Note – and today, polymer banknote technology is being used in more than 50 countries on more than 150 denominations.

The reason for introducing polymer banknotes was simple – to keep one step ahead of counterfeiters by making Australia's banknotes more secure. Polymer banknotes have the added benefit of being more durable than paper banknotes which, in turn, makes them more cost-effective.

According to Wikipedia