Endnotes [*]  I thank Malcolm McDowell and Nuwan Kalpage of Note Printing Australia and my colleagues at the Reserve Bank of Australia Kristin Langwasser and Gordon Flannigan for assistance in preparing this speech. [1]  See Smithers Pira (2015), ‘The Future of Global Security Printing Markets to 2020’, Final Report, June.
Market value, production value, production cost and value of output are used interchangeably. They refer to the value of finished production, including the cost of inputs, but not necessarily the production mark-up and are compiled from a number of sources. Asia covers 28 countries. [2]  Production volume data from unpublished De La Rue Annual Banknote Survey.