The Reserve Bank of Australia announced Thursday that it is replacing the image of Queen Elizabeth II on the $5 bill with a new design that honors the history of Aboriginal culture.
The Reserve Bank of Australia said in a statement that the decision was made with the federal government supporting the amendments. The other side of the memo will continue to represent Australia’s parliament, according to the statement.
The government previously announced that after the death of Queen Elizabeth in September 2022, the image of King Charles will not automatically replace the image of the Queen on the $5 bill. It is said that his image could be replaced by an Australian figure.
Authorities said the queen’s portrait on the five-dollar bill was motivated by her personality rather than her status as a monarch. Before the five dollar bill was created, reserve banks reached out to communities. The complete design and printing of banknotes takes several years. Until then, current tickets will be issued.
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After the Queen’s death on September 8 last year, controversy erupted over Australia’s future constitutional monarchy. In Australia, the day was marked as a day of public mourning, but some local groups also called for the abolition of the monarchy in the face of the harmful effects of colonial Britain.
Charles III is the head of state of Australia, a constitutional monarchy and a democracy. In 1999, a referendum on the establishment of a republic was narrowly rejected. Appointed British monarch after his mother’s death, Charles III is head of state for 12 Commonwealth countries, excluding Australia, New Zealand and the United Kingdom, but is largely a ceremonial post.
