For decades, the face of the reigning British monarch has constantly featured on Australia’s currency notes in what could be seen as a nod to the country’s roots and status as a Commonwealth nation.

However, in a significant and sudden shift, it has been revealed that the tradition will be brought to an end, with a design honouring First Australians taking the place of King Charles III.

‘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,’ the Reserve Bank said in a statement.

‘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 stressed that the move was done in consultation with the government.

‘I think this is a good opportunity to strike a good balance between the monarch on the coins and the First Nations design on the fiver,’ Treasurer Jim Chalmers said.

‘But the $5 note will say more about our history and our heritage, our country and I see that as a good thing.’

A design to be determined through consultations with Indigenous Australians will soon be seen on $5 notes. Image Credit: Shutterstock

Opposition to the change

The move has earned criticism, most notably stemming from the Opposition.

Liberal Party leader Peter Dutton dismissed the development as nothing but a progressive whim in an interview.

‘I think it is another attack on our systems, our society, and institutions.’

Opposition senator and monarchist Dean Smith, meanwhile, said the move was a missed opportunity.

‘A design incorporating both our new King and an appreciation for Australia's Indigenous heritage and culture would be a better and more unifying approach,’ he said.

‘This decision misses a unique opportunity for both the RBA and Anthony Albanese to merge these two important aspects of Australia's story.’

‘Although not totally unexpected, breaking with this long tradition will come as a disappointment to many Australians, who have never known anything different.’

The Sydney Morning Herald notes that the change passed through the current RBA board before it reached the government.

New $5 note out in ‘a number of years’

Despite the development, Aussies shouldn’t expect to see the new design anytime soon.

‘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,’ the RBA said.

‘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.’

This development, if final, would make the late Queen Elizabeth the last royal to be featured on Australian banknotes.

The tradition of featuring the reigning monarch first started in 1923, with King George V’s portrait appearing on all Australian bank notes up to 1953.


A sign of the times?

It wouldn’t be too far-fetched to say that this change in the $5 note is a sign of Australia’s widening break away from the British throne.

After the Queen’s passing last year conversations sprung up on whether or not it was time for the country to become a republic.

The Albanese government was earlier reported to have its eyes on a referendum for the matter — but only after it’s finished with another referendum on an the indigenous voice to parliament.

Many supporters have decried the nation’s long-standing ties with the British throne, seeing it as an impediment to a truly independent Australia.

However, others see no reason for such a shift in something they see has worked for the country so far.

The late Queen Elizabeth’s passing and King Charles’ ascension have sparked calls in Australia to shift to a republic. Image Credit: Shutterstock

Still, future moves towards a republican Australia aren’t guaranteed victory despite a sitting government that seems more open to the idea.

In 1999, a referendum was held on the same issue which resulted in a crushing defeat for the republican movement.

Another thing to take note of is public sentiment — does the average Aussie even want a republic?

Well, various polls reveal a mixed picture.

A poll conducted by The Guardian (right around the Queen’s passing, it must be noted) revealed that 43 per cent of Australians supported a republican form of government, with 20 per cent saying they were unsure and the remaining 37 per cent saying they opposed it.

However, in another poll conducted by market research company Roy Morgan around the same time, 60 per cent of Aussies wanted the monarchy to stay, while the remaining 40 per cent opposed the idea.

And of course, here in the SDC, an overwhelming majority — 72 per cent — said they didn’t think Australia should become a republic.

Something to think about, eh?

Key Takeaways

• The Reserve Bank has announced that a design honouring the culture and history of the First Australians will replace Queen Elizabeth’s image on the $5 note, ending a century-long tradition of the monarchy appearing on Australia’s cash.
• Treasurer Jim Chalmers said the government supported the Reserve Bank’s decision, while Opposition leader Peter Dutton accused the government of leading the change and labelled it as an 'attack on our systems'.
• The RBA said it consulted the federal government before making its decision and will now consult with First Australians in the design of the new note, which will take a number of years to manufacture.

On that note, perhaps as something of a consolation, Aussie currency isn’t entirely saying goodbye to the monarchy as King Charles III will still be featured on our coins.

If you’re excited to see King Charles’ visage on your change, however, you might also have to do some waiting.

In the meantime, you might want to stay updated on plans for his upcoming coronation on May 6.

So, what are your thoughts on this announced change to our $5 notes? Is it something you agree with, or do you share sentiments with Dutton?

If you’re in favour — who or what do you think should replace the royals on the note? Popular suggestions in the past have included Steve Irwin, Paul Hogan and Shane Warne.

Members, please take note that some of you will have differing opinions on this decision and we want to remind everyone that it is okay to have opposing opinions, but it is not okay to attack someone for having an opposing opinion to you.

Remember, to be kind first and foremost. We will never endorse bullying behaviour.

Tell us your opinion below!

Source: YouTube/9 News Australia​

 

[Luckyus]

Indigenous people are already represented on our currency, take a look at fifty dollar note or a one dollar coin. The same with the referendum to give indigenous people a voice in our government; what about the indigenous representatives already in Canberra?

The government no longer listens to the people, it listens to the noisy minorities. It will be a sad day when this country becomes a republic and losses those checks and balances of the Govenor-General. History is there to teach us, not to be ignored!

Looks like the current power appears to be nothing more than panderers!!