First Nations theme to replace Queen Elizabeth II on $5 note
The decision by the Reserve Bank, with support from the Albanese Government, breaks a 33-year tradition and has been blasted as an ‘attack on the Crown’ by the Australian Monarchist League.
NSW
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A decision to break a long-standing tradition and remove Australia’s monarch from the $5 note, in favour of honouring Indigenous culture, has been blasted as an “attack on the Crown.”
The move by the Reserve Bank, which was approved by the Albanese Government, will see the late Queen Elizabeth II replaced on the $5 banknote by a design representing “the enduring, emotional, spiritual and physical connection of First Nations people to Country.”
The new theme, announced on Monday, followed extensive consultation with the Indigenous community, with RBA staff travelling to Alice Springs, Bathurst, Broome, Cairns, Darwin, Hobart, Orange and the Torres Strait.
The RBA also established a “$5 Redesign Imagery Selection Panel” featuring multiple First Nations representatives.
Responding to the new design, Alexander Voltz from the Australian Monarchist League said it “reflects a broader attack by today’s Republican Labor Party on the Crown, as well as Australia’s history and culture.”
“The changes in design to the $5 note remain merely in the wake of the Albanese Government’s now-failed Voice to Parliament referendum. It was Jim Chalmers… who umpired the decision…” Mr Voltz said.
Documents released under Freedom of Information reveal former RBA Governor Philip Lowe wrote to Treasurer Jim Chalmers about the future of the banknote in October 2022 - just weeks after the death of Queen Elizabeth II.
In the letter - Dr Lowe said he was “seeking the Australian Government’s view on whether or not a portrait of King Charles III should replace that of Queen Elizabeth II.”
“... 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.
Replying in December 2022 - Dr Chalmers wrote: “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.”
Queen Elizabeth II had featured on the $5 note since 1992.
The Royal Australian Mint has already confirmed King Charles III will replace Queen Elizabeth II on the nation’s coins.
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Originally published as First Nations theme to replace Queen Elizabeth II on $5 note
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