I'm sure many of you are already aware that Australian Banknotes will be getting a facelift in the next year or so, as part of the RBA's "Next Generation Banknote (NGB)" program. But yesterday in the RBAs NGB submission to the government, they propose to remove the $100 note, and potentially even the $50 note. Their basis was that the only purpose of large notes in the days of electronic transactions is money laundering and other illegal activities, based on the fact that there are more $100 notes than $20 notes 'in circulation', but most of those $100 notes aren't actually circulating. They did also acknowledge that the time of the largest demand for $100's was the start of the GFC, when they had to print huge numbers as people lost faith in the banks. Very little infomation on the subject online, but it was on the Radio (ABC) this morning: Everyday Economics: The hundred dollar note, do we need it? What does everyone think?