Australia currency notes: In a major development, Australia has decided to remove the British monarchy from its currency notes. According to the country’s Reserve Bank, the new USD 5 bill will have an indigenous design to replace the portrait of Queen Elizabeth II, who died in September last year.
However, King Charles III, who ascended the British throne after his mother’s death, is still expected to appear on coins. Notably, the USD 5 currency note was the only remaining banknote in Australia that still carried the monarch’s picture.
Why was the decision taken?
The country’s central bank said the decision to change the image was taken in consultation with the government, which supported the move. The bank said the move would respect the “culture and history of First Australians”. “The second side of the US$5 note will continue to feature the image of the Australian Parliament,” the bank said in a statement.
Opposition terms run as ‘politically motivated’
However, the opposition did not appreciate the move and termed it as “politically motivated”. The British monarch remains Australia’s head of state, although these days the role is largely symbolic. Like many former British colonies, Australia is debating the extent to which it should retain its constitutional ties with Britain.
Read also: Queen Elizabeth II is featured on many currencies, not just the UK. What will happen to them now?
It should be mentioned here that Australia’s central bank plans to consult with Indigenous groups in designing the USD 5 note, it is expected that the process will take several years before the new note is made public. The current USD 5 will continue to exist until the new design is introduced, and will remain legal tender even after the new bill comes into circulation.
(with inputs from AP)