Queen to be removed from Aussie $5 note
The RBA has confirmed The Queen will be removed from the $5 note.
The Reserve Bank of Australia (RBA) has revealed the Australian $5 note will undergo a makeover, with the portrait of Queen Elizabeth II to be removed.
There was much debate after The Queen’s passing as to whether her effigy would remain on the $5 note or if she would be replaced with her son, King Charles III.
However, the RBA said neither would remain on the $5 note, with the new design to honour Australia’s First Nations people.
Also read: The Queen’s funeral costs: What we know
“The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the First Australians. This new design will replace the portrait of Her Majesty Queen Elizabeth II. The other side of the $5 banknote will continue to feature the Australian Parliament,” the RBA said in the statement.
“This decision by the Reserve Bank board follows consultation with the Australian government, which supports this change.
“The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed. 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.”
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.
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.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.