Australia is making a move to remove images of the British Monarch from its banknotes. The move will spell the phasing out of the British monarchy on its banknotes.
The country announced that its new $5 bill will not feature an image of King Charles III.
Australia’s Reserve Bank announced on Wednesday that a new design celebrating Indigenous culture will replace Queen Elizabeth’s previous portrait. According to the bank, the decision is also meant to honor “the culture and history of the First Australians”.
“The other side of the $5 banknote will continue to feature the Australian parliament,” the bank’s statement said.
At the moment, the $5 bill is the only banknote to feature a member of the British monarchy. However, King Charles is still expected to appear on coins.
“The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country. I see that as a good thing,” treasurer Jim Chalmers told reporters.
The current $5 bill will still be in circulation until the new design is introduced as this is only an announcement. The last major change to the five-dollar note was made on 1 September 2016.
It featured an image of Queen Elizabeth II next to Australian yellow wattle plants, with Parliament House on the other side.
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