Australia's central bank has admitted "responsibilty" for a spelling error on its latest batch of $50 notes.

Although maybe the responsibility for proofreading the notes and spotting the missing "i" should have fallen to the eagle-eyed member of the public who pointed out the error.

Australia's central bank confirmed the typo has appeared on 46 million notes.

The blooper came to light after a listener phoned in to Melbourne radio station Triple M on Thursday morning to point it out.

A subsequent Twitter post by the radio station showed the new currency under a magnifying glass, revealing the typo in microscopic text on the note just above Edith Cowan's shoulder.

Edith Cowan was a social reformer who was the first Australian woman ever to serve as a member of an Australian parliament and features on the country's $50 notes.

The text which features on the note and contains the spelling mistake is taken from Ms Cowan's maiden speech to the Parliament of Western Australia in 1921.

The word "responsibility" appears three times in the excerpt, all of which are misspelled on the note in the same manner.

The phrase with the error in it reads: "It is a great responsibilty to be the only woman here, and I want to emphasise the necessity which exists for other women being here.

"If men and women can work for the state side by side and represent all different sections of the community, I cannot doubt that we should do very much better work in the community than was ever done before."

The Reserve Bank of Australia has admitted the error. Credit: AP

A spokesperson for the Reserve Bank of Australia (RBA) said it was aware of the mistake and said the spelling would be corrected in the next print run, which would occur in the next few months.

The new notes would be released into circulation towards the end of 2019.

"The process of designing and printing a banknote is complex and iterative," an RBA spokesperson said.

"We have strict quality assurance processes, but like any manufacturing process, errors can occur. We have reviewed our processes to remove the likelihood of such an error occurring in the future."