Reserve Bank ‘consulting’ with government on whether King Charles should be on $5 note
He’s on the throne but should he be on the fiver?
The Reserve Bank of Australia has begun consultations with the federal government to answer one of the burning questions following the death of Queen Elizabeth II – should King Charles III take her place on the $5 note?
The RBA governor, Dr Philip Lowe, said on Tuesday the central bank – which is responsible for Australia’s banknotes – was considering the design of the new $5 note following the death of the Queen in September.
“We recognise this is an issue of national interest and there is a long tradition of the monarch being on Australia’s banknotes,” Lowe said in a speech in Hobart.
“Indeed, the monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953.
“Given this tradition and the national significance of the issue, the bank is consulting with the Australian government regarding whether or not the new $5 banknote should include a portrait of King Charles III.”
Lowe said a decision would be made “after this consultation with the government is complete”.
The assistant minister for treasury, Dr Andrew Leigh, ignited a firestorm in September when he said the new regent would not “automatically” appear on the $5 note. Leigh said the monarch’s effigy on the humble pink lady wasn’t tradition but an honour granted to the Queen because of her personal status.
Uncle Jack Charles was named as a potential replacement for the Queen on the banknote with growing calls for an Australian to be honoured.
The federal opposition leader, Peter Dutton, accused Leigh of attempting to “rewrite history” and “trying to take advantage of the circumstances” by suggesting Charles would not automatically appear on the new $5 note.
In September, the Royal Australian Mint chief executive, Leigh Gordon, said the mint intended on using the same effigy of Charles as the UK – approved by Buckingham Palace.
Coins and notes featuring Elizabeth II will remain legal tender.
The Queen’s portrait appeared on Australia’s first polymer banknote series in 1992, having previously appeared on the one pound note and the subsequent $1 dollar note.
An updated version of the pink lady (or galah depending on your preference) featured a re-interpreted version of the 1992 Bruce Gordon portrait by artist Robert Cook and was released in 2016.