New $50 notes (pictured) – affectionately known as “the pineapple” banknote because of its golden colour – will be released into general circulation from 18 October.
Reserve Bank governor Philip Lowe made the announcement in Perth, and noted that the new design features Australia’s first female member of parliament, Edith Cowan, and Aboriginal inventor and writer David Unaipon.
The banknotes are being progressively changed to introduce new security measures as a means of combatting forgeries.
Printing has already commenced, with the new notes being shipped around the country ahead of their official release.
According to the RBA, the $50 is the most widely circulated of all the banknotes in Australia.
The new versions will be phased in gradually, meaning existing notes remain legal tender.