Simplify the following text for a Grade 14 native English-speaking person.
Original: The first polymer banknotes were issued in 1988 by the Reserve Bank of Australia , specifically polypropylene polymer banknotes ( produced by Note Printing Australia ) , to commemorate the bicentenary of European settlement in Australia .
Simplified: In 1988 , the Reserve Bank of Australia gave out plastic , ( polypropylene ) polymer banknotes ( produced by Note Printing Australia ) , to celebrate 200 years of European settlement in Australia .