The Reserve Bank has made a sensational decision to dump King Charles III from the $5 note.
In a statement, the central bank said it was time to update the banknote to feature a “new design that honours the culture and history of First Australians.”
“This new design will replace the portrait of Her Majesty Queen Elizabeth II. The other side of the $5 banknote will continue to feature the Australian Parliament,” it said.
The call follows consultation with the federal government which the RBA says supports the major change.
But the RBA said the new note won’t be ready for a number of years, meaning the Queen will still be spotted on the $5 for some time.
“The Bank will consult with First Australians in designing the $5 banknote,” it said.
King Charles III five dollar note
“The new banknote will take a number of years to be designed and printed. In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued.”
The reigning monarch has traditionally appeared on the lowest denomination of Australian banknote. Since 1995, the $5 note bank note has been marked with a portrait of the Queen, aged 58.
Last year, Assistant Treasurer Andrew Leigh said it wasn’t a given that King Charles would automatically replace his mother on the note.
“As I understand it, the decision to include the Queen’s face on the $5 note was about her personally rather than about the status of the monarch, so that transition isn’t automatic,” he said at the time.
“We’ll have a sensible conversation within government to make an appropriate announcement in due course.”
More to come.
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