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King Charles III will be absent from the new $5 note and will be replaced with an Aboriginal-themed design.
The Reserve Bank of Australia announced on Friday that the public would have until April 30 to have their say on the upcoming note.
The late Queen Elizabeth II has appeared in the pink denomination since polymer banknotes were introduced in 1992.
But Treasurer Jim Chalmers declared a year ago that Australia’s new monarch and head of state were unlikely to appear on one side of the note, following the death of the king’s mother in 2022.
King Charles will be absent from the new $5 note and the Reserve Bank of Australia formally announced that Aboriginal groups would be asked for suggestions.
The new $5 note will still feature Parliament House in Canberra, but the public is being asked for ideas on the other side.
The Reserve Bank’s deputy governor for business services, Michelle McPhee, announced on Friday that the public would be asked for designs, but only if they commemorated Australia’s indigenous heritage.
“We invite all Australians to reimagine the $5 note in pursuit of themes that reflect our nation’s unique and rich First Nations culture and history,” he said.
“This could be a story passed down from generation to generation, a place, an idea, an instrument or an object that unites a community.”
Aboriginal and Torres Strait Islander groups have also been consulted in all states and territories.
“Involving the public in this process is vital and by actively engaging First Nations communities, we can better capture the issues that tell our nation’s story,” Ms McPhee said.
The first $5 note was issued in 1967, a year after Australia converted to decimal currency, with this paper denomination starring humanitarian Caroline Chisholm and botanist Sir Joseph Banks.
Over the past 57 years, the $5 bill has had four designs, with the most recent update coming in 2016.
King Charles will appear on future Australian coins as did the Queen.
The new $5 note will still feature Parliament House in Canberra, but the public is being asked for ideas on the other side
The late Queen Elizabeth II has appeared in the pink denomination since polymer banknotes were introduced in 1992, and the banknote was last updated in 2016.
Reserve Bank Governor Michele Bullock told a parliamentary hearing last month that Aboriginal groups had already been consulted about the new $5 note.
“Finally, I would like to update the committee on the work underway to redesign the five-dollar bill,” he said.
‘Last year we announced that we would be taking the opportunity to introduce a new design on the $5 bill that honors and celebrates the culture and history of First Nations people.
“In recent weeks, we have also begun visiting First Nations community organizations in key regional and remote locations across Australia and the Torres Strait.”