Australia was colonised by the British for over a century, from 1788 to 1901. During this time, Australia was heavily influenced by British rule and behaviour, and signs of the Monarchy remain to date.
On Thursday (2nd February) the Central Bank of Australia announced that they would rather display an indigenous design on the $5 banknotes than a depiction of King Charles III. This is one step towards eliminating the final signs of British Monarchy in Australia.
The banknotes would also now be a representation of Australian culture and the roots of early independence from British rule would be depicted through the notes.
While Britain still remains head of state for Australia, there is a lot of consideration from Australia with regard to the extent of constitutional ties which should be maintained with Britain.
The Reserve Bank of Australia mentioned that the new $5 note would showcase a design which would pay tribute to the culture and history of the First Australians, while the other side of the note would continue to feature the Australian Parliament. This would be an effort to wipe out the remaining signs of the Monarchy in Australia.
The coins however, will continue to symbolise the British Monarchy. Treasurer Jim Chalmers lauded this change, saying that it strikes a good balance. While the coins still picture the Monarch, the $5 banknotes will be used as an ode to the heritage and culture of Australia.
The bank states that the move is supported by the government, whereas opponents claim that there is a hidden political agenda behind this change.
Either way, the banknotes in Australia will now be a memoir of indigenous history as opposed to the depiction of King Charles III who is the successor to the throne after the demise of Queen Elizabeth II who passed away in September of 2022.