Australia to remove UK king from its banknotes
Australia is removing the British monarch from its banknotes.
The Reserve Bank of Australia (RBA) said on Thursday its new AU$5 bill would feature an Indigenous design, rather than an image of King Charles 3rd. But the monarch is still expected to appear on coins that currently bear the image of his late mother, Queen Elizabeth 2nd.
The $5 bill was Australia’s only remaining banknote to still feature an image of the monarch.
The central bank said the decision followed consultation with the centerleft Labor Party government, which supported the change. Opponents say the move is politically motivated.
The British monarch remains Australia’s head of state, although these days that role is largely symbolic. Like many former British colonies, Australia is debating to what extent it should retain its constitutional ties to the United Kingdom.
The RBA said the new $5 bill would feature a design to replace the portrait of the queen, who died on Sept. 8, 2022. The bank said the move would honor “the culture and history of the First Australians.”
“The other side of the $5 banknote will continue to feature the Australian parliament,” it said in a statement.
Treasurer Jim Chalmers said the change was an opportunity to strike a good balance.
“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,” he told reporters in Melbourne.
Opposition Leader Peter Dutton likened the move to changing the date of the national day, Australia Day.
“I know the silent majority don’t agree with a lot of the woke nonsense that goes on, but we’ve got to hear more from those people online,” he told 2GB Radio.
Dutton said Prime Minister
Anthony Albanese was central to the decision for the king not to appear on the note, urging him to “own up to it.”
After taking office last year, Albanese started laying the groundwork for an Australian republic by creating a new position of Assistant Minister for the Republic, but holding a referendum to sever constitutional ties with the UK has not been a firstorder priority for his government.
The bank plans to consult with Indigenous groups in designing the $5 note, a process it expects will take several years before the new note goes public.
The current $5 will be issued until the new design is introduced and will remain legal tender even after the new bill goes into circulation.
Charles’ face is expected to be seen on Australian coins later this year.
One Australian dollar is worth about 71 cents in United States currency.
British currency began transitioning to the new monarch with the release of the 50 pence coin in December. It has Charles on the front of the coin, while the back commemorates his mother.