CANBERRA: The British monarchy will no longer appear on Australian banknotes.
The country's central bank said on Thursday that the new $5 bill will have an Indigenous design instead of a King Charles III image. But it is still expected that coins will feature the king.
Australia's only remaining bank note with a monarch's image was the $5 bill.
The bank claimed that consultation with the government, which supported the change, led to the decision. According to opponents, the move is motivated by politics.
Australia's head of state is still the British monarch, albeit largely symbolic these days. Australia, like many other former British colonies, is debating whether or not to keep its constitutional ties to Britain.
The new $5 bill, according to the Reserve Bank of Australia, will have a design instead of a portrait of Queen Elizabeth II, who passed away last year. "The culture and history of the First Australians," the bank claimed, would be honored by the move.
In a statement, the bank said, "The Australian parliament will continue to be on the other side of the $5 banknote."
According to Treasurer Jim Chalmers, the change presented an opportunity to achieve equilibrium.
He told reporters in Melbourne, "The monarch will still be on the coins, but the $5 note will say more about our history, our heritage, and our country, and I see that as a good thing."
Peter Dutton, the leader of the opposition, compared the move to changing Australia Day's date.
According to what he stated to 2GB Radio, "I know the silent majority don't agree with a lot of the woke nonsense that goes on," "We've got to hear more from those people online."
Dutton urged Prime Minister Anthony Albanese to "own up to it" and stated that the king's decision not to appear on the note was heavily influenced by Albanese.
Before the new $5 note goes public, the bank intends to consult with Indigenous groups regarding its design, a process it anticipates will take several years.
Even after the new $5 bill is put into circulation, the current $5 bill will continue to be issued until the new design is introduced.
This year, Australian coins are expected to feature King Charles III's face.
In US dollars, one Australian dollar is approximately worth 71 cents.