Australia removes the British monarchy from its banknotes.
The nation’s central bank said Thursday its new $5 note will feature an Aboriginal design rather than an image of King Charles III. The king’s effigy is still supposed to appear on the coins.
The $5 note was Australia’s only remaining banknote to still feature an image of the monarch.
Australia’s central bank said the decision was made after consulting with the government, which backed the change. However, opponents of the measure argue that the move is politically motivated.
King Charles III remains Australia’s leader, although this role is now largely symbolic. Like many former British colonies, Australia debates the extent to which it should retain its constitutional ties to the British monarchy.
The Reserve Bank of Australia (RBA) said the new $5 note would feature an image to replace the portrait of Queen Elizabeth II, who died last year, while honoring ‘the culture and history of early Australians’ .
“The other side of the $5 note will continue to show the Australian Parliament,” the bank said in a statement.
Australia’s Minister Treasurer, Jim Chalmers, said the change was an opportunity to strike the right balance.
“The monarch will always be on the coins, but the $5 note will say more about our history, our heritage and our country, and I see that as a good thing,” he told reporters in Melbourne. .
Opposition Leader Peter Dutton compared the move to the debate over changing the date of Australia’s National Day to move away from its colonial past.
“I know the silent majority disagree with a lot of this nonsense, but we need to hear more from these people online,” he told 2GB Radio.
Prime Minister Anthony Albanese played a central role in the decision to remove the effigy of King Charles III from $5 banknotes, according to Dutton. He urged him to “assume his responsibilities”.
The Bank plans to consult with Indigenous groups to design the $5 note, a process that is expected to take several years before the new note is made public.
The current $5 note will continue to be issued until the new design is introduced and will retain its legal value even after the new Australian $5 note enters circulation.
The face of King Charles III is expected to be seen on Australian coins later this year.