From the Reserve Bank of Australia:
The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the 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.
This decision by the Reserve Bank Board follows consultation with the Australian Government, which supports this change.
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 Associated Press reports:
The British monarch remains Australia’s head of state, although these days that role is largely symbolic. Like many former British colonies, Australia is debating to what extent it should retain its constitutional ties to Britain.
Treasurer Jim Chalmers said the change was 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 told reporters in Melbourne.
Australia is removing the British monarchy from its bank notes.
The nation’s central bank said Thursday its new $5 bill would feature an Indigenous design rather than an image of King Charles III https://t.co/PRC1DjW4bq
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