Australia to replace British monarch on banknotes

Australia will remove the British monarch from its banknotes after it opted to use an indigenous design for its A$5 note rather than an illustration of King Charles.

British royals have appeared on the country’s currency dating to the days of the Australian pound, but the death of Queen Elizabeth II last year prompted calls from supporters of an Australian republic to remove the monarch’s face from the A$5 note.

The Reserve Bank of Australia said on Thursday that King Charles would not feature on the note in the future and the pink polymer currency would be redesigned to incorporate an image representing the country’s indigenous communities. The central bank consulted the government on the change, which is expected to come into effect in several years.

Treasurer Jim Chalmers welcomed the move as striking a “good balance” for Australia in the post-Elizabethan era. “It’s an important opportunity to recognise, on the A$5 note, more of our indigenous heritage and history and culture going back tens of thousands of years. And you know, it’s no secret that I would like to see Australia become a republic,” he told reporters.

Peter Dutton, leader of the opposition Liberal party, said that the decision to replace the monarch’s image on the currency would anger the “silent majority” in Australia. “I think it’s another attack on our systems, on our society and our institutions,” he said.

Coins, which are controlled by Australia’s mint, rather than the RBA, will continue to feature an image of the monarch, according to Chalmers.

Australia’s republican movement has long viewed the Queen’s death as a pivotal moment for a possible change in the country’s political system. The British monarch remains Australia’s official head of state and appoints a governor-general to act as the crown’s representative in the country, though the position is mostly ceremonial.

Supporters of scrapping the country’s constitutional monarchy see the opportunity for a renewed debate on severing Australia’s last remaining colonial ties under the Labor government of Prime Minister Anthony Albanese, a longtime republican who took office last year.

A referendum on the issue in 1999 was defeated after 55 per cent of voters rejected a motion to become a republic.

Queen Elizabeth II first appeared on the Australian £1 note in 1953, and her image was carried over to the first Australian dollar banknotes after decimalisation in 1966.

Her portrait was also adopted for the polymer A$5 note in 1992 after smaller denominations were replaced by coins. The RBA, which will consult indigenous communities on a new design, said the existing A$5 note would remain in circulation for some years.

Craig Foster, head of the Australian Republic Movement, said using an image of an unelected British monarch on Australia’s currency was “no longer justifiable” in 2023.

“Australia believes in meritocracy, so the idea that someone should be on our currency by birthright is irreconcilable as is the notion that they should be our head of state by birthright,” he said.

“National symbols are important,” he added. “They communicate to us, and the world, what we value, if and how we appreciate our own achievements and manifest a visible part of our national identity.”