The Reserve bank of Australia has announced that King Charles III will not feature on Australia’s new five dollar note but rather a new design that honors “the culture and history of the First Australians,”.
According to CNN, the Reserve Bank of Australia said the design will replace the portrait of Her Majesty Queen Elizabeth II,adding that the decision was made after consulting with the Australian government.
“The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed.”
“In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued,” it added.
Meanwhile, the current $5 bill will continue to be circulated and remain legal tender even after the introduction of the new banknote, according to the RBA. Officials have also said existing coins with the Queen’s image will remain legal tender “forever.”
The Queen’s death last year reignited debates about Australia’s future as a constitutional monarchy.