The Reserve Bank of Australia (RBA) has officially announced that the new $5 banknote will not feature King Charles III, who traditionally would have replaced Queen Elizabeth II after her passing in 2022. Instead, the banknote will highlight the "Connection to Country" theme, recognizing the deep spiritual, cultural, and physical ties of Indigenous Australians to their land.

A Historic Decision and Its Significance

Since 1992, the Australian $5 note has featured Queen Elizabeth II, and before that, her portrait appeared on the $1 note (1966–1984). However, after her passing, RBA began discussions about the future design and, in 2023, decided against featuring King Charles III.

According to RBA representatives, this decision represents a tribute to Indigenous Australians and their environmental stewardship. The new design will be created by Indigenous artists, making the note a unique and culturally significant element of Australia’s currency.

Theme Selection and Design Process

As ABC News reports, "Connection to Country" was chosen from over 2,100 public submissions in a nationwide campaign. This marks the first time in Australian history that a banknote will not feature a monarch, though the reverse side will still depict the Australian Parliament.

The Guardian highlights that the selection process included consultations with Indigenous communities across the country, from Alice Springs to the Torres Strait Islands. The RBA will collaborate with renowned Indigenous artists to ensure the design is meaningful and free from stereotypes.

Political and Public Reactions

The decision has sparked mixed reactions. Opposition leader Peter Dutton criticized the move, calling it "an attack on tradition and national institutions." Meanwhile, Treasurer Jim Chalmers supported the change, stating it was "the right decision for the right reasons."

Public opinion is divided—some Australians welcome the change as a significant step in recognizing Indigenous culture, while others believe the tradition of featuring monarchs should have been maintained.

What’s Next?

The design and printing process is expected to take several years, but the current $5 note featuring Queen Elizabeth II will remain legal tender until the new one is introduced.

This shift is part of a broader discussion about Australia’s national identity and its evolving relationship with the British monarchy.

Vitalii Cherniuk (IBNS 13299-R)

CEO World Banknote Store