‘Joke, waste’: Telegraph readers slam RBA’s $5 note splurge
The Reserve Bank has spent $507,000 on a project to replace Queen Elizabeth II with an Indigenous design on the $5 note. The Australian Monarchist League has offered an alternative proposal. Have your say
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Daily Telegraph readers have launched into the Reserve Bank following revelations it has spent $507,000 redesigning the country’s $5 note, removing an image of Her Majesty Queen Elizabeth II in favour of a First Nations theme.
The project, which was endorsed by Treasurer Jim Chalmers, included travel for staff to visit Indigenous communities and encourage participation in a design competition for the new bank note.
The RBA also engaged a ‘$5 Redesign Imagery Selection Panel’ to pick the winning entry from 2,000 public submissions.
‘What a joke... the Voice creeps in by stealth’ Jason wrote.
Matthew wrote: ‘Chalmers and Albanese are so entrenched in virtue-signalling, they completely overlook the cost of living and are tone deaf.’
‘They just don’t understand. Waste, waste and more waste’ Neil said.
Michael added: ‘there was no need to change anything, just print the same note....what an absolute waste of taxpayers’ money.’
In its annual report, the RBA confirmed staff had ‘travelled to Alice Springs, Barmah, Bathurst, Broome, Cairns, Condobolin, Darwin, Hobart, Kalgoorlie, Orange, Port Augusta, Shepparton and the Torres Strait to meet with First Nations organisations and raise awareness’ about the $5 note.
‘Overall, we met with around 100 First Nations community representatives from over 40 organisations. Multiple online information sessions were also conducted to facilitate participation from all parts of the country’, the RBA’s annual report stated.
The RBA recently announced the winning theme was ‘Connection to Country.’
‘The updated $5 banknote … will honour the enduring emotional, spiritual and physical connection of First Nations people to Country,” it said on March 17.
Eric Abetz, chairman of the Australian Monarchist League Campaign Committee told 2GB’s Ben Fordham the RBA’s project was a ‘terrible waste of money’
‘This is a great junket if you can get it - to be flying around at the taxpayers’ expense, and you’d never get a genuine consensus in any event’ Mr Abetz said.
The Australian Monarchist League has come up with its own proposal for the new $5 note - featuring an image of King Charles III alongside First Nations’ art. It was designed by a monarchist of Indigenous heritage.
Shadow Minister for Government Efficiency and for Indigenous Australians, Jacinta Nampijinpa Price slammed the $507,000 expense, claiming it was ‘another example of the wasteful approach’ taken by Labor during this term in power.
‘There is a consistent theme where the Albanese Government is guided by ideology more than a commitment to improving the lives of Indigenous Australians … they have spent half a million dollars on this pet project, yet how many marginalised lives have been actually improved?’ Senator Nampijinpa Price told this masthead.
The process of removing the monarch from the note began just weeks after the death of Her Majesty Queen Elizabeth II, when former RBA Governor Philip Lowe wrote to Treasurer Chalmers in October 2022.
In emails released under Freedom of Information, Dr Lowe said he was ‘seeking the Government’s view on whether or not a portrait of King Charles III should replace that of Queen Elizabeth II.’
‘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,’ Dr Lowe said.
Responding in December 2022, Dr Chalmers confirmed: ‘of these two options presented by the Bank, 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.’
Dr Chalmers indicated that he would be including Prime Minister Anthony Albanese and then-Minister for Indigenous Australians Linda Burney in his reply.
The Treasurer declined to comment when approached on Monday.
Her Majesty Queen Elizabeth II had appeared on every Australian bank note series since her coronation in 1953. Her image will remain on the nation’s coins, which is a separate decision of the Royal Australian Mint.
The new $5 design, still in development, will also feature additional security features to prevent fraud.
Originally published as ‘Joke, waste’: Telegraph readers slam RBA’s $5 note splurge
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