Australia’s central bank announced on Thursday that it will replace the Image of Queen Elizabeth II on its $5 currency note with a new design that will honor the history of its Indigenous culture.
In a statement, the Reserve Bank of Australia stated that the decision was made in collaboration with the federal government, which supports the adjustment. According to the statement, the opposite side of the note will continue to depict the Australian Parliament.
Previously, following Queen Elizabeth’s death in September 2022, the country stated that King Charles’ image will not automatically replace the Queen’s on $5 bills. It was stated that her image may be substituted by Australian figures. ()
According to authorities, the inclusion of the Queen’s portrait on the 5-dollar note was motivated by her personality more than her standing as the monarch.
Before creating the $5 notes, the Reserve Bank will interact with Indigenous communities. The full design and printing of the notes will take several years. The current note will be issued till that time.
Following the death of the Queen on September 8, last year, Australia finds itself embroiled in a dispute over its future as a constitutional monarchy. In Australia, the day was honored by public grief, but some Indigenous organizations also opposed the harmful impact of colonial Britain and asked for the monarchy to be abolished.
Charles III is the head of state of Australia, which is a constitutional monarchy and a democracy. In 1999, a vote establishing a republic was narrowly defeated.
King Charles III, who succeeded his mother as British monarch after her death, is the head of state in Australia, New Zealand, and 12 other Commonwealth nations other than the United Kingdom, albeit the position is mostly ceremonial.
