SYDNEY — King Charles III will not replace Queen Elizabeth II on Australia’s new $5 banknotes, the country’s Reserve Bank announced Thursday.
Australia’s $5 notes, which have sported a portrait of the queen since 1992, will be updated “to feature a new design that honours the culture and history of the First Australians,” the Reserve Bank of Australia (RBA) said in a statement announcing the move. The other side of the banknote will continue to feature an image of the parliament.
The RBA, which launched a review of the design of the $5 notes after the queen’s death last year, said it would consult with First Australians — the Aboriginal and Torres Strait Islander peoples of Australia — on what image could replace the monarch.
King Charles III will still feature on Australian coins.
The RBA, which consulted with Australia’s center-left federal government on the change, said it would take several years for the new $5 note design to be implemented. In the meantime, the current note, featuring the portrait of Queen Elizabeth II, will continue to be printed.
Australian Prime Minister Anthony Albanese has indicated he will seek to hold a referendum on whether his country, a constitutional monarchy, should cut ties with royals and become a republic instead, appointing an assistant minister for the republic after being elected in 2022.
