On February 2, 2023, the Reserve Bank of Australia (RBA) announced that a new polymer $5 note will replace the image of Queen Elizabeth II but will not feature an image of King Charles III.
One side will feature Parliament House, while the other will be designed in collaboration with First Nations Elders to honor "the culture and history of the First Australians."
The bank will consult with First Australians in designing the $5 banknote, which could take several years to be issued.
"First Australians" refers to the country's indigenous population, or First Nations people, made up of Aboriginal and Torres Strait Islanders, descendants of the world's oldest continuous culture who have occupied the continent for more than 65,000 years. Together they make up about 3.2% of the country's population of 25 million people.
The current $5 banknote will continue to be circulated and remain legal tender even after the introduction of the new banknote, according to the RBA. Officials have also said existing coins with the Queen's image will remain legal tender "forever." King Charles III will continue to be featured on Australian coins, which the Royal Australian Mint is expected to start producing in the second half of 2023, according to Andrew Leigh, the Assistant Minister for Competition, Charities and the Treasury.
Press release (one of many):
