RBA boss Philip Lowe says he told government about change to $5 note before royals blindsided

RBA boss Philip Lowe has deflected blame for a major oversight in planned changes to the $5 note that sparked a frantic note to Buckingham Palace.

RBA boss Philip Lowe has shirked any responsibility for the Royal Family being potentially blindsided by major planned changes to the $5 note, which would see the monarch’s head scrapped from the bill.

Philip Lowe has deflected the blame after it was revealed the royal family were not given a heads up they were to be booted from the $5 note in favour of an indigenous design.

Paul Singer, the Governor-General’s secretary, told a senate estimates hearing on Monday his office first learned of the change at the same time as the public – sparking a race to inform the royals.

Mr Singer told the estimates hearing the first he had heard of the redesign was in a media release from the Reserve Bank of Australia, and had a letter sent off to Buckingham Palace that same afternoon.

But at an appearance before parliament on Friday, the boss of the central bank made some unprompted, pointed remarks about the major change.

The Queen’s head will not be replaced with that of her son, King Charles III, on the Australian $5 note, with a major shake-up to the design to see the new monarch dumped.

RBA Governor Philip Lowe said the board of the central bank spoke with the government and got support for the change before any public announcement was made. Picture: NCA NewsWire / Gary Ramage

Dr Lowe said in his opening statement the board of the bank had informed the government of plans to redesign the pink note, which typically featured the reigning monarch’s portrait, and got their support, before making a public announcement.

“Given the national significance of the issue, the board decided to consult the Australian government before it made a decision,” Dr Lowe said on Friday.

“In response, the government indicated its support for the design.”

It’s not clear who the RBA spoke to within the government, with Mr Singer on Monday telling the senate estimates hearing he believed the Governor-General, who is the monarch’s representative in Canberra, shared his surprise.

King Charles III will not take his mother’s place on the $5 note after becoming monarch, with a design reflecting Australia’s First Nations people to be used instead. Photo by Oli SCARFF / AFP)

Liberal senator Dean Smith quizzed Mr Singer if he would describe the lack of consultation as “a gross lack of courtesy”.

“That’s for others to comment,” Mr Singer responded.

The design of the updated $5 note is not expected to be finalised for years.

It means bank notes featuring the portrait of Queen Elizabeth will continue to be issued and legal tender for some time.

Although he’s been cut off the pink note, King Charles’ effigy will feature on Australian coins from the second half of the year.