King Charles will not be replacing the late Queen Elizabeth on Australian banknotes, the country’s central bank announced on Thursday, February 2, 2023.
As per reports, the central bank has instead said that it will be replacing the $5 bill imagery with an indigenous design instead of using the new monarch’s photo as it transitions out the currency bearing the late Queen’s face.
The decision means that Australian currency will completely wipe off the use of British monarchy, as the $5 bill was the last remaining banknote featuring the monarch; it has been reported that coins will continue to feature the new monarch, King Charles.
According to The Associated Press, the central bank’s decision came after thorough consulting with the Australian government, which is in support of the monumental change.
Commenting on the move, Australia’s Reserve Bank said: “The new $5 bill will honour the culture and history of the First Australians… The Bank will consult with First Australians in designing the $5 banknote. 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 bank said in an official statement.
Australia’s Treasurer Jim Chalmers also commented on the change, telling reporters: “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.”