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King Charles III won’t feature on Australia's new $5 bill, the nation's central bank announced Thursday, signaling a phasing out of the British monarchy from Australian bank notes, although he is still expected to feature on coins.
A new Indigenous design will replace the previous portrait of the late Queen Elizabeth II, Australia's Reserve Bank said, a move which honors “the culture and history of the First Australians.”
“The other side of the $5 banknote will continue to feature the Australian parliament," the bank said in a statement.
The $5 bill is Australia's only bank note to feature the monarch.
It said the decision followed consultation with the government, which supported the change.
Treasurer Jim Chalmers weighed in on the decision, saying the change was an “opportunity to strike a good balance.”
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