Federal Treasurer Jim Chalmers made the call to dump the monarch from Australia’s $5 note after being offered a choice by the Reserve Bank, new documents reveal.
The Reserve Bank of Australia wrote to Mr Chalmers on October 7 saying the decision whether to replace the portrait of the late Queen Elizabeth II with one of King Charles III or a design celebrating First Nations culture was best made by him.
Governor Phillip Lowe acknowledged the RBA has responsibility for printing and issuing banknotes, but said whether the new monarch should grace the $5 bill was a decision of ‘national significance’.
‘lf the Government is of the view that the King’s portrait should be on the $5 banknote, then the bank will proceed on that basis and seek an appropriate image from the Palace,’ Mr Lowe wrote in the letter released under freedom of information laws.
‘Alternatively, if the Government’s view is that the monarch should no longer be on Australia’s banknotes, the bank will explore a new design that honours the culture and history of the First Australians.
‘lt is not our intention to replace the monarch with another individual.’
Dr Chalmers responded to the letter on December 16, saying the government was interested in pursuing design featuring First Nations people, Yahoo News reports.
The Reserve Bank offered two designs for the new $5 note, one with King Charles III and the other design celebrating Australia’s First Nations people (pictured, RBA Governor Phillip Lowe)
The RBA wrote to Treasurer Jim Chalmers to get the federal government’s opinion on what the Queen’s portrait should be replaced with on October 7, 2022
‘The Government would be comfortable with a new design that honours the culture and history of First Australians, assuming a proper process for inclusive consultation is undertaken,’ Mr Chalmers wrote.
The Reserve Bank has started consultations with Indigenous Australian groups on the design of the new $5 note which will take a number of years to be designed and printed.
‘We anticipate it will be at least a couple of years before the new banknote is ready for circulation,’ Dr Lowe told a parliamentary committee on Friday.
‘The current $5 banknote will continue to be issued until then and it will still be able to be used once the new banknote enters circulation.’
The late monarch has been on the polymer $5 banknote since 1992 when she replaced humanitarian Caroline Chisholm, who had been on the previous paper $5 note since 1967.
‘There’s plenty of time to consider and consult on the design that best honours First Australians,’ Dr Chalmers said earlier this month.
‘It’s also important to remember the monarch will continue to be on our coins.’
‘It is an opportunity to strike a good balance here.
The Reserve Bank has confirmed King Charles III won’t replace his late mother on the design of the new $5 note. Pictured is the current $5 note
‘The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing.’
Chairperson of the Australian Republican Movement Peter FitzSimons was quick to welcome the new proposal for the banknote as a huge step forward.
‘Next thing: in what places across Australia is the official portrait of ‘King Charles’ up, and how soon can they be taken down?,’ he tweeted.
The announcement also sparked a divided response from Aussies.
‘Great decision. Maybe we can shrug off the monarchy yet,’ one tweeted.
King Charles III will not feature on Australia’s new $5 note (pictured is a mocked-up $5 note featuring King Charles)
Another added: ‘This is a good gesture, but I don’t think it will make up for the fact that the inflationary dollar system plays against the indigenous people, whom are often considered the least credit worthy in our society. The credit worthy get the new money, the poor just get the inflation.’
Aussies have previously called for late national icon Steve Irwin to replace the Queen on the $5 note instead of King Charles.
‘Can we get a petition to get Steve Irwin’s face on money in place of the Queen going? It’s what we all want,’ one Aussie suggested at the time.
‘Steve Irwin deserves our highest form of currency,’ another chimed in.
‘The $5 note will explode in value if we put him on that note.’
