On Thursday, February 2, 2023, the Reserve Bank of Australia (RBA) made the announcement that the five Australian Dollar (AUD) banknote would be receiving a new design and being updated in the process of being replaced.
The portrait of the late Queen Elizabeth II will be replaced with a design that pays tribute to the history and culture of Australia’s first people. The Australian parliament will also be depicted on the back of the 5 AUD note.
It was stated that the decision was made after consulting with the Australian government, which indicated that it approved of the modification. According to reports by AP News, however, critics of the action claim that it has political implications.
1. Indigenous Australians will be consulted by the RBA.
The Reserve Bank of Australia (RBA) intends to design the 5 AUD note in collaboration with First Australians. The process of designing and printing the note is anticipated to take several years.
“The present 5 AUD note will continue to be printed in the interim. It will continue to be utilized even after the new note has been printed “the RBA was cited as saying this by the BBC.
The Reserve Bank of Australia (RBA) has not disclosed when it would announce the design of the five Australian dollar note (AUD). The Reserve Bank of Australia (RBA) does not currently have any intentions to alter the appearance of any of the other denominations of Australian banknotes.
In September of the previous year, the Australian capital of Canberra announced that a new portrait of the king would not automatically replace the image of the queen on the five-dollar bill. This event marked the beginning of the transition from having the British monarchy’s image on Australian banknotes to having Indigenous Australian people and artwork shown instead.
Nevertheless, a portrait of King Charles III will continue to be featured on coins, and it is anticipated that the portrait will appear on Australian coins later on in this year.
2. The reaction of those who are in opposition
Peter Dutton, the leader of the opposition, has encouraged Anthony Albanese, the prime minister, to be forthright about the reasons for the decision to reimburse the money. Dutton further compared the action to move the date of a national holiday like Australia Day. he said this would be a “big deal.”
On 2GB Radio, he stated, “I know the quiet majority disapproves of a lot of the garbage that’s going on, but we need to hear more from people online.” “I know the silent majority disapproves of a lot of the bullshit that’s going on.”
3. The Constitutions of the United Kingdom and Australia
Although the function of head of state in modern Australia mostly plays a symbolic role, it is still held by the king of England. After his mother, Queen Elizabeth II, passed away in September 2022, King Charles III ascended to the throne of England and became the next monarch.
Not only is King Charles III the head of state for Australia, but he also holds that position for New Zealand and 12 other commonwealth territories that are located outside of Great Britain.
Kangaroo Land, much like other British colonies, went through a period in which it questioned the degree to which it ought to keep its constitutional links with Britain.
In a referendum held in 1999, the people of Australia decided to maintain the British monarch as their head of state.
Source : AFP