New $5 note will NOT feature King Charles III, honours First Nations Australians

The era of looking down at a monarch when paying with cash may soon be over, as the Reserve Bank of Australia announces a new update to the humble $5 banknote.

The new design is set to replace the portrait of Her Majesty Queen Elizabeth II. However, King Charles III will not replace her, but instead it will honour First Nations Australians.

While it may take a number of years before we see the new $5 banknote rolled out, the Reserve Bank has stated that it will be consulting with First Australians in the design process.  

Keep in mind that existing currency will not be withdrawn and can still be used moving forward. The Reserve Bank of Australia states:

“In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued.”

Why is the $5 banknote changing?

Following the death of Queen Elizabeth II, it was speculated that Australia’s physical currency would likely see a design revamp. Typically, when a monarch passes coins and notes are redesigned to feature the new Monarch.

Under the Currency Act 1965, Queen Elizabeth II was first included on our Australian coins. Over her historic 70-year reign, six different effigies of her appearance were included on our coins and banknotes.

However, with the relevancy of the monarchy without Queen Elizabeth II the topic of much debate, it’s not unsurprising that the Reserve Bank of Australia is considering telling a First Australians story with our currency instead, sans King Charles III.

The Australian Government has come out in support of this change, with the Reserve Bank of Australia acting in consultation with the government. 

What will the new $5 banknote look like?

The new design is still a few years away, so we are unlikely to know what it may look like for some time. 

Aboriginal and Torres Strait Islander Australians are respectfully advised that the following includes the names of some people who are now deceased.

Currently, the $5 banknote showcases the Forecourt Mosaic, which is based on a Central Desert dot-style painting by Michael Nelson Jagamara titled ‘Possum and Wallaby Dreaming’.

The first $1 banknote issued in 1966 included imagery of Aboriginal rock paintings and carvings and designs based on a bark painting by David Malangi Daymirringu. Our current $50 banknote features author, activist, inventor, musician and preacher, David Uniapon, a Ngarrindjeri man from South Australia.

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