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The Australian government and central bank have stated that the late Queen or the new king, King Charles, would no longer appear on the country's banknotes, fueling suspicion that Charles may not remain as Head of State for long.
According to rumours, the central bank would replace the $5 bill graphics with an indigenous design rather than utilising the next monarch's visage as it phased out the money displaying the late Queen's face.
The decision implies that the usage of British monarchy on Australian currency will be fully eliminated, since the $5 bill was the final surviving banknote displaying the monarch; coins, however, will continue to feature the new king, King Charles.
According to The Associated Press, the central bank's decision was made after extensive consultation with the Australian government, which supports the historic development.
The Reserve Bank of Australia commented on the proposal, saying, "The new $5 note will honour the culture and heritage of the First Australians... The Bank of Australia will discuss with First Australians on the design of the $5 notes. The new currency will take many years to develop and produce."
"In the meanwhile, the existing $5 notes will be issued. It will be usable even after the new currency is released," the bank stated in an official statement.
Australia's Treasurer, Jim Chalmers, also spoke out against the move, telling reporters, "The monarch will remain on the coins, but the $5 note will say more about our history, heritage, and nation, and I regard that as a good thing."
This comes amid predictions of increasing republican enthusiasm in Australia; a recent survey found that support for a republic has grown in the four months following Queen Elizabeth's death in September 2022.
