The Reserve Bank of Australia (RBA) has said that it will change the design of the country’s next generation banknotes.

The central bank of the country had started the Next Generation Banknote Program in 2007 in order to design new banknotes in a way that it incorporates the latest security features. The central bank and its Note Printing Australia subsidiary have created three designers for the concepts of the new notes.

The RBA said that it has reviewed the three designs and have selected one of the designs and will work to refine the design to create new banknotes. The changes will not be revolutionary as the RBA said that it will retain colour, size and portraits of the currently used bank notes.

The bank pointed out that the main changes will be for allowing the incorporation of the security features that will look to keep the currency safe from counterfeit. The bank said that it will take several years before the new generation banknotes enter circulation in the country.

The bank says it has spent around $9.3 million on the new banknote program. The central bank has said that t is looking to create "youthful" looking bank notes. However, the programme is more than two years behind schedule and has so far cost $9.3 million.