Australia’s central bank, the Reserve Bank, has announced that the image of King Charles III will be removed from the nation’s new $5 bank note, with an Indigenous design replacing the portrait of the late Queen Elizabeth II, who previously appeared on the note.
The bank stated that the change was made following consultations with the center-left Labor Party government, which supported the move.
However, King Charles III is still expected to be featured on coins that currently display Queen Elizabeth’s image. The bank noted that the $5 bill was Australia’s only remaining bank note to feature the monarch, and the new design honoring the culture and history of First Australians would strike a good balance.
The decision to remove King Charles III from the bank note has been met with opposition, with some calling it politically motivated. The British monarch remains Australia’s head of state, although the role is largely symbolic.
Australia is currently grappling with the extent to which it should retain its constitutional ties to Britain, with the center-left Labor Party seeking to make the country a republic with an Australian citizen as head of state.
In December of 2022, British currency began transitioning to the new monarch with the release of the 50 pence coin, which has King Charles on the front and commemorates his mother on the back.
The current $5 bank note will remain in circulation until the new design is introduced, and it will continue to be legal tender even after the new bill goes into circulation. The central bank plans to consult with Indigenous groups in the design process, which is expected to take several years.
King Charles III’s image is expected to be seen on Australian coins later this year. There were 208 million $5 bank notes in circulation, worth AUD 1.04 billion ($734 million), according to the Reserve Bank of Australia. The country’s smallest denomination makes up 10% of the over 2 billion Australian bank notes in circulation.
