ALBAWABA - Australia plans to replace the image of Britain's late Queen Elizabeth II on its $5 banknote with an indigenous design, the Reserve Bank of Australia said Thursday.
The former British colony will not use an illustration of Elizabeth's son and heir, King Charles III, the bank said.
The change is expected to take years to come into effect, according to Britain's Financial Times.
"The Reserve Bank has decided to update the $5 banknote to feature a new design that honors the culture and history of the First Australians," the bank said in a statement posted on the internet.
We have issued a media release: New $5 Banknote Design - https://t.co/svBBRzRNcM pic.twitter.com/VNokKhCF4p
— Reserve Bank of Australia (@RBAInfo) February 1, 2023
"This new design will replace the portrait of Her Majesty Queen Elizabeth II," it said. "The other side of the $5 banknote will continue to feature the Australian Parliament."
A portrait of King Charles WON’T replace The Queen’s image on our $5 note — the Reserve Bank of Australia announcing it will now feature a new design that “honours the culture and history of the First Australians” instead. pic.twitter.com/IS6VNuBfbD
— Tom Marlow (@TomMarlow_) February 1, 2023
It said the decision by the bank's board follows consultation with the Australian government, which "supports this change."
Breaking: The Reserve Bank of Australia has announced that King Charles III won’t feature on the redesigned $5 note. https://t.co/mefdZonfiy
— The Age (@theage) February 1, 2023
The Times quoted Treasurer Jim Chalmers welcoming the move as "striking a 'good balance' for Australia in the post-Elizabethan era."
"It’s an important opportunity to recognize, on the A$5 note, more of our indigenous heritage and history and culture going back tens of thousands of years," he reportedly said. "And you know, it’s no secret that I would like to see Australia become a republic."
