Key Points
- The Reserve Bank has announced Queen Elizabeth II's portrait will be taken off Australia's $5 note.
- It will be replaced by a design that "honours the culture and history of the First Australians".
- The Reserve Bank said the decision had been made in consultation with the government.
Australia's $5 note is set to be updated, with the portrait of Queen Elizabeth II to be replaced by a design that "honours the culture and history of the First Australians".
The other side of the banknote will continue to feature the Australian parliament.
The Reserve Bank of Australia (RBA) said the new banknote will be designed in consultation with First Nations Australians.
It is expected to take several years to be designed and printed.
The RBA said the decision had been made after consultation with the Australian Government, which supports the change.
The move means an image of King Charles III won't replace that of his mother on the $5 note. Traditionally, a portrait of the reigning British monarch has appeared on the lowest denomination Australian banknote.
Treasurer Jim Chalmers said the change offered an "opportunity to strike a good balance".
"The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing," he said.
Opposition Leader Peter Dutton disagreed with the change, describing it as "woke nonsense".
"I know the silent majority don't agree with a lot of the woke nonsense that goes on but we've got to hear more from those people online," he said on 2GB Radio on Thursday.
Mr Dutton accused Prime Minister Anthony Albanese of being central to the decision for the king not to appear on the note, urging him to "own up to it".
After the death of Queen Elizabeth II in September last year, monarchists called for the image of King Charles to feature on the new $5 note.
Chair of the Australian Republic Movement, Craig Foster, welcomed the change and said it was “no longer justifiable” to have a foreign monarch on Australian currency.
“To think that an unelected king should be on our currency in place of First Nations leaders and elders and eminent Australians is no longer justifiable at a time of truth-telling, reconciliation and ultimately formal, cultural and intellectual independence,” he said on Thursday.
“National symbols are important. They communicate to us, and the world, what we value, if and how we appreciate our own achievements and manifest a visible part of our national identity.”
Chair of the Australian Republic Movement, Craig Foster, welcomed the Reserve Bank's decision to update Australia's $5 note. Source: AAP
“This decision by the RBA is a natural consequence of recognising the important place of First Nations Australians in our national story.
“Australians deserve to see themselves, and only themselves reflected in our Constitution, our system of government, and all national symbols including our currency."
The current $5 note will continue to be used and issued throughout the design process, and will still be able to be used after the new note is introduced.
Australia's banknotes contain portraits of Australians who have "played a significant role in the life of the nation," the RBA's website says.
"The people on the banknotes have made defining contributions to Australian society in many fields of endeavour, and their mark on our national story is honoured through their representation on the banknotes."
