Key Points
- The monarch has been on at least one of the banknotes in Australia since 1923.
- The bank said it was consulting with the Government over the design of the $5 note.
- Coins with the portrait of King Charles will be in distribution from 2023.
The Reserve Bank of Australia (RBA) says it is consulting with the federal government on whether to replace Queen Elizabeth II's portrait with her eldest son, King Charles III, on the $5 banknote.
Governor Philip Lowe said in a speech on Tuesday evening at the board dinner that the central bank is "considering" the design of the new note following the .
Mr Lowe said the RBA, which is responsible for the design of the banknotes, recognised the design of the $5 note is of "national interest".
“Indeed, the monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953," he said.
"Given this tradition and the national significance of the issue, the Bank is consulting with the Australian Government regarding whether or not the new $5 banknote should include a portrait of King Charles III," he said.
"We will make a decision after this consultation with the government is complete."
Upon the death of the Queen on 9 September, the RBA released a statement .
“The reigning monarch has traditionally appeared on the lowest denomination of Australian banknotes,” the RBA said at the time.
Days after the Queen's death, Assistant Minister for Treasury Andrew Leigh said "there's no rush" to change the design, noting further discussions in government to take place about the banknote.
"The decision to include the Queen’s face on the $5 note was about her personally rather than about her status as the monarch, so that transition isn’t automatic," he said in September.
While the fate of the $5 note design is undecided, the Royal Australian Mint has already confirmed all coins with the King's portrait, facing the opposite direction of the Queen, will be in distribution from 2023.
