Extraordinary change announced for Australia’s $5 note with the Royal Family DISAPPEARING from currency as what will replace them is revealed: ‘Off with his head!’:
- King Charles III won’t replace the late Queen on $5 note
- New design of banknote will honour First Australians
- Queen has been on Australia’s $5 note since 1992
The Reserve Bank will update the $5 banknote to feature a new design that honours the culture and history of Indigenous Australians – instead of King Charles.
The new design will replace the portrait of Her Majesty Queen Elizabeth II that has long been on Australia’s currency.
The other side of the banknote will continue to feature the Australian Parliament.
The surprise decision to not replace the late Queen with King Charles III follows consultation with the federal government, which supported the change.
‘I think this is the right decision,’ treasurer Jim Chalmers told reporters.
The Reserve Bank board will now consult with First Australians in designing the new $5 banknote.
The new banknote will take a number of years to be designed and printed.
The current $5 banknote will continue to be issued and will still be able to be used even after the new banknote is introduced.
The late monarch has been on the polymer $5 banknote since 1992 when she replaced humanitarian Caroline Chisholm who had been on the previous paper $5 note since 1967.
High profile republican Peter FitzSimons described Thursday’s decision as a huge step forward.
‘Next thing: in what places across Australia is the official portrait of ‘King Charles’ up, and how soon can they be taken down?,’ he tweeted.
The announcement also sparked a divided response from Aussies.
‘Great decision. Maybe we can shrug off the monarchy yet, one tweeted.
Another added: ‘This is a good gesture, but I don’t think it will make up for the fact that the inflationary dollar system plays against the indigenous people, whom are often considered the least credit worthy in our society. The credit worthy get the new money, the poor just get the inflation.’
Others offered their own design suggestions.
‘In 2000 one note would buy a schooner. So why don’t you make the new note half the size?,’ one man commented.
Aussies previously called for late national icon Steve Irwin to replace the Queen on the $5 note instead of King Charles.
King Charles III will not feature on Australia’s new $5 note (pictured is a mocked-up $5 note featuring King Charles)
Her death after 70 years on the throne heralded a raft of changes for Australia, including the introduction of bank notes and coins emblazoned with the new King’s face.
Assistant Treasurer Andrew Leigh said it wasn’t a given 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.
Many Aussies at the time of the Queens’s death called for her to be replaced by late wildlife Steve Irwin on the $5 note.
‘Can we get a petition to get Steve Irwin’s face on money in place of the Queen going? It’s what we all want,’ one Aussie suggested at the time.
‘Steve Irwin deserves our highest form of currency,’ another chimed in .
‘The $5 note will explode in value if we put him on that note.’
The Reserve Bank has confirmed King Charles III won’t replace his late mum on the design of the new $5 note. Pictured is the current $5 note