Federal Treasurer Jim Chalmers confirmed he has had discussions around changing the $5 note to remove the effigy of The Queen.
“My personal view is that it shouldn’t be beyond us to consider and to consult on the best way to change the $5 note when that’s necessary,” Chalmers said.
“I don’t see a massive rush to change the $5 note, but nor do I think it should be especially controversial for a country like ours to consider and consult on what we want to do with the $5 note going forward.”
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Why is The Queen on the $5 note?
Unlike our coins, the effigy of the reigning monarch was not required to be on the $5 note.
Assistant Minister for Competition, Charities and Treasury, Andrew Leigh, said the decision to have The Queen on the $5 note was about her personally, and not simply because she was the monarch – so it may not change.
However, Leigh said there would be a discussion in government about whether or not it would change, with an option being left open to not have a monarch on the $5 note at all.
Coins and notes with the effigy of Queen Elizabeth II will still be valid legal tender.
And for anyone concerned, coins bearing the effigy of King Charles III will still work in all vending machines, or any machine that takes coins.
“I don't expect that there'll be any change in the dimensions that would mean that they wouldn't operate in the coin machines that we have,” Royal Australian Mint CEO Leigh Gordon said.