Radical change coming to $5 note in Australia as King Charles is ditched
King Charles III will be absent from the new $5 banknote, and will be replaced by an Aboriginal-themed design.
The Reserve Bank of Australia announced on Friday that the public has until April 30 to provide their input on the next banknote.
The late Queen Elizabeth II has been featured on the pink coin since the introduction of polymer banknotes in 1992.
But Treasurer Jim Chalmers said a year ago it was unlikely Australia’s new monarch and head of state would appear on one side of the note after the death of the king’s mother in 2022.
King Charles will be absent from the new $5 banknote, with the Reserve Bank of Australia formally announcing that Aboriginal groups will be asked for suggestions
The new $5 banknote will continue to feature Parliament House in Canberra, but on the other side the public is being asked for ideas.
The Reserve Bank’s assistant governor of business services, Michelle McPhee, announced on Friday that the public would be asked for designs, but only if they commemorate Australia’s indigenous heritage.
“We invite all Australians to reimagine the $5 banknote in the pursuit of themes that reflect our country’s unique and rich First Nations culture and history,” she said.
‘This could be a story passed down through generations, a location, an idea, an instrument or an object that unites a community.’
Aboriginal and Torres Strait Islander groups have also been consulted in each state and territory.
“Involving the public in this process is critical, and by actively involving First Nations communities we can better capture themes that tell our nation’s story,” Ms McPhee said.
The first $5 note was issued in 1967, a year after the Australian was converted to decimal currency, and this paper denomination featured humanitarian Caroline Chisholm and botanist Sir Joseph Banks.
Over the past 57 years, the $5 banknote has had four designs, with the most recent update occurring in 2016.
King Charles will appear on future Australian coins, as will the Queen.
The new $5 banknote will continue to feature Parliament House in Canberra, but on the other side the public is being asked for ideas
The late Queen Elizabeth II has featured on the pink denomination since the introduction of polymer notes in 1992, with the banknote last updated in 2016
Reserve Bank Governor Michele Bullock told a parliamentary hearing last month that Aboriginal groups had already been consulted on the new $5 note.
“Finally, I would like to update the committee on the ongoing work to redesign the $5 bill,” she said.
“Last year we announced that we would take the opportunity to place a new design on the $5 bill that honors and celebrates the culture and history of First Nations people.
“In recent weeks we have also begun visiting First Nations community organizations in key regional and remote locations across Australia and the Torres Strait.”