King Charles won’t be on our next $5 note

King Charles III won’t replace his mother on Australia’s next $5 note, instead the portrait of Queen Elizabeth II will make way for a “design that honours the culture and history of the First Australians”.

The Reserve Bank of Australia announced its decision on the note design on Thursday morning, but said the new design was still some years away from being finalised and coming into circulation.

It confirmed the Australian Parliament would continue to feature on other side of the note.

The RBA said it consulted with the federal government before making its decision, and had the government’s support.

“The bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed,” it said in a statement.

“In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued.

More to come

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