Australia’s humble $5 note is getting a major makeover—and it’s not just a change in colour or font. The Reserve Bank of Australia (RBA) has announced a bold new direction for the note’s design, one that celebrates the deep and enduring connection of First Nations peoples to this land. But while many are applauding the move, others are raising eyebrows at the cost—and the controversy is heating up.
For more than 30 years, the $5 note has featured the portrait of Queen Elizabeth II. But with her passing in 2022 and the ascension of King Charles III, the RBA had a decision to make: continue the tradition of featuring the reigning monarch, or take a different path?
In a historic move, the RBA announced earlier this year that the new $5 note would not feature King Charles. Instead, it would honour the culture, history and connection to the Country of Australia’s First Nations peoples. The reverse side of the note will still feature Parliament House in Canberra, maintaining a link to Australia’s democratic system.
According to the RBA’s latest annual report, the redesign has already cost more than $507,000. That figure includes travel expenses for RBA staff who visited communities across the country to consult with Indigenous organisations and gather ideas for the new design.
In total, the RBA met with around 100 First Nations representatives from over 40 organisations, spanning locations such as Alice Springs, Broome, Cairns, Darwin, Hobart, Kalgoorlie, and the Torres Strait. The aim? To ensure the new note is not only visually striking but also culturally respectful and representative.
RBA assistant governor Michele McPhee said the chosen theme, ‘Connection to Country’, reflects ‘the deep connection First Nations peoples have to the land, the waters and the sky’.
While many Australians have welcomed the change as a long-overdue recognition of Indigenous culture, not everyone is on board.
Shadow Minister for Indigenous Australians, Jacinta Nampijinpa Price, has criticised the cost of the redesign, calling it ‘wasteful’. The Australian Monarchist League (AML) has also voiced its disapproval, arguing that the decision to exclude King Charles from the note is politically motivated and divisive.
In response, the AML has proposed its own alternative design, which includes a portrait of King Charles, an image of Uluru, and Indigenous artwork. The group plans to formally present their proposed design to the Reserve Bank of Australia for consideration. ‘I believe all Australians would be proud of AML’s design,’ said spokesperson Jack Barton. ‘It’s a testament to the shared journey between Indigenous Australia and the Westminster Parliamentary system underpinned by our constitutional monarchy.’
The transition to the new $5 note will not be an overnight affair. It is expected to take years of careful design, printing, and distribution before the new banknotes enter circulation. In the meantime, the current $5 notes will remain in use, ensuring a seamless transition for Australians.
As the redesign of Australia’s $5 note progresses, it raises important discussions on cultural recognition, costs, and national symbols. While some see this as a step toward greater inclusivity, others have concerns about the approach and its expenses.
What are your thoughts on the new design? Do you view it as a positive change for Australia’s heritage, or do you have reservations about the costs and decisions involved? Share your thoughts in the comments below
Also read: RBA unveils theme for new $5 banknote honouring First Nations ties to country
