The Reserve Bank of Australia (RBA) announced on Thursday that it has plans to replace the late Queen Elizabeth II’s image on its $5 banknote with a design that honours Indigenous culture.
British monarchs have been featured on Australian banknotes since 1923, and the Queen’s image has been on the $5 note since 1992.
The RBA said it would consult with Indigenous people on the new design and no monarch would remain on Australia’s paper currency.
The decision made by the Reserve Bank of Australia was welcomed by the Australian Republic Movement, pointing out that Indigenous people inhabited the country before British settlement by 65,000 years.
Craig Foster, the chair of the movement, stated that the idea of someone being on the nation’s currency or head of state solely based on birthright is inconsistent with the country’s belief in meritocracy.
On the other hand, the Nation’s Monarchist League called the decision “virtually neo-communism in action,” arguing that the government has decided to remove the image of the King from the 5-dollar banknote without a referendum.
However, the new banknote design will take several years to be designed and printed, with the existing $5 note remaining legal tender even after the new design is introduced.
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