Australia: The Australian Central Bank said on Thursday that the country will replace the portrait of Queen Elizabeth II from its $5 currency note with a new design. The design will highlight, emphasize and honour the history of its indigenous culture, the bank added.

As per a report, the new $5 bill would instead feature a design to replace the portrait of Queen Elizabeth II to honour “the culture and history of the First Australians.”

Officials on the new development

According to the Reserve Bank of Australia, the decision was taken under consultation with the federal government, which supports the change. The other side of the note will continue to feature the Australian Parliament, it said.

Last year, Queen Elizabeth’s death has relit debates in Australia regarding its future as a constitutional monarchy. Since the 1999 referendum, the voters chose to maintain the British monarch as its head of state.

After Queen’s demise, King Charles III took charge as the head of state in Australia, New Zealand and 12 other Commonwealth realms outside the United Kingdom, although the role is largely ceremonial.

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King Charles won’t replace the Queen’s portrait: Officials

In September 2022, Australia said that the image of King Charles would not automatically replace Queen Elizabeth on A$5 notes and that she might be replaced by Australian figures.

Authorities have said the decision to include the queen’s image on the A$5 dollar note was about her personality as opposed to her status as the monarch. However, the officials said, “The other side of the $5 banknote will continue to feature the Australian parliament.”

Taking notes from the new development, Treasurer Jim Chalmers said that the change was an opportunity to strike a good balance. While responding to the criticism, he said, “The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing.”

The decision to update the note comes as Australia’s centre-left Labor government pushes for a referendum, required to alter the constitution, to recognise Indigenous people in the document and require consultation with them on decisions that affect their lives, the official said.

Moreover, in 2021, Australia officially amended its national anthem to remove reference to the country being “young and free” amid calls to recognise that its Indigenous people are the oldest civilization in the world.

Further, The Reserve Bank said it would consult with Indigenous groups in designing the A$5 banknote. It will take a number of years to design and print the new banknote. Until then, the current note will continue to be issued.