Australian $5 Note Monarch Change – No King Charles on Note

The Reserve Bank of Australia (RBA) has confirmed a historic shift in national symbolism: the new Australian $5 banknote will not feature King Charles III. Instead, the redesigned note will showcase an Indigenous artwork honoring the “Connection to Country,” ending the monarch’s decades-long presence on the country’s last remaining royal banknote. The decision marks a clear move away from colonial iconography toward a more inclusive representation of Australian identity.

Announced in March 2025, the RBA’s ruling has ignited a fierce national debate, drawing support from advocates of Indigenous recognition and criticism from monarchists. While the new design is celebrated as a step forward for reconciliation, it raises practical questions for collectors and everyday Australians about the future value of existing notes.

Australian $5 note monarch controversy and redesign — research summary

Will King Charles III Appear on the New Australian $5 Note?

No. The RBA has definitively ruled out placing King Charles III on the next $5 note. The decision, first signaled in early 2023 and finalized with the theme announcement in March 2025, means Australia’s last banknote featuring the British sovereign will be replaced by a design focused on First Nations culture.

Key Insights on the Decision

• The RBA’s decision breaks a tradition dating back to 1992, marking a significant shift towards national identity over Commonwealth ties.
• The ‘Connection to Country’ theme focuses on Indigenous Australian heritage, a move widely seen as aligning with reconciliation efforts.
• Old $5 notes featuring Queen Elizabeth II remain legal tender and are not being withdrawn immediately.
• The decision has sparked political debate, with groups like the Australian Monarchist League expressing disappointment over the perceived severing of ties to the British monarchy.

Key Facts: The Australian $5 Note Change

According to the Reserve Bank of Australia – Banknote Design page, the new note will “celebrate the enduring connection of First Nations Australians to Country.” This phrasing, used by RBA Governor Michele Bullock, underscores the cultural rationale behind the change. The monarch will, however, remain on Australian coins, as those are under the purview of the Royal Australian Mint rather than the RBA. Royal Australian Mint – Coin Designs continues to bear the King’s effigy.

What is the New Design for the Australian $5 Note?

The new $5 note will be built around the concept of “Connection to Country,” a term that holds deep spiritual and cultural significance for Indigenous Australians. The design will feature original artwork commissioned from First Nations artists, replacing the portrait of the monarch that has been a staple of the banknote since 1992. The reverse side of the note will retain the image of the Australian Parliament, maintaining a link to the nation’s democratic institutions.

Understanding ‘Connection to Country’

In Indigenous Australian cultures, “Country” is not merely a geographic location. It represents a web of relationships, identity, law, memory, and belonging. It encompasses the land, waterways, skies, and all living things. The RBA’s choice of this theme signals an effort to embed these values into the currency, aligning the banknote with broader reconciliation goals championed by bodies like the Department of the Prime Minister and Cabinet – Reconciliation.

Release Timeline and Next Steps

The RBA has stated that the design and production process will take “years.” The bank is currently in a consultation phase with First Nations groups to ensure the artwork and its cultural context are accurately and respectfully presented. Once the design is finalized, it will enter a printing and security feature integration stage. There is no confirmed release date for the new note’s entry into circulation. In the meantime, the current $5 notes will continue to be issued and remain valid as legal tender.

Why Was Queen Elizabeth II Featured on Australian Banknotes?

Queen Elizabeth II appeared on Australia’s $5 note because she was, during her reign, the nation’s head of state and the symbolic figurehead of the Commonwealth. The tradition of placing the monarch on currency dates back to the earliest days of Australian coinage and was extended to the polymer $5 note when it was first introduced in 1992. At the time, the decision reflected the constitutional reality of Australia as a constitutional monarchy. She remained a prominent and familiar image on the note for over three decades until her death in 2022.

Other Banknotes Featuring the Queen

The $5 note was the last Australian banknote to feature the monarch. All other denominations—the $10, $20, $50, and $100 notes—have long depicted prominent Australian figures from literature, the arts, and social history. The $1 coin, however, continues to feature an effigy of Queen Elizabeth II, and the new $1 coins will eventually feature King Charles III. This means the monarch will no longer appear on any Australian banknote, but will remain on coins.

Who Decides Banknote Designs?

The design of Australian banknotes is the responsibility of the Reserve Bank of Australia – Banknote Design. The RBA works in consultation with the Australian government, the Treasury, and security experts to create notes that are secure, durable, and reflective of national values. For the current redesign, the RBA has also brought in cultural advisors and First Nations community representatives to guide the artistic direction.

Will My Current $5 Note (With Queen Elizabeth) Increase in Value?

The short answer is: probably not, unless you have a rare or pristine example. The announcement has certainly sparked renewed interest in the old notes, but most ordinary, circulated $5 notes remain common and will not command a high premium. The note remains legal tender and can still be used for any purchase.

What Collectors Look For

Collector interest typically rises when a major design change is announced and the old design is being phased out. However, the premium applies almost exclusively to notes in exceptional condition or with specific attributes. Factors that can increase value include:

• Uncirculated notes
• Low-serial-number notes
• Replacement/star notes or unusual errors
• First/last issue varieties
• Notes in pristine condition

If the new First Nations design is released later, the Queen Elizabeth II $5 note may gain modest nostalgia-driven collectability, but likely only in higher grades or special variants. For most people, the note is simply a piece of pocket change with a historical footnote.

Queen Elizabeth II $5 note value, collectability, and timeline of the redesign

Timeline: Key Events in the $5 Note Change

1. 1992: Queen Elizabeth II first appears on the Australian $5 polymer note.
2. 2022: Queen Elizabeth II dies. Speculation begins about King Charles III replacing her on currency.
3. 2023 (Feb): RBA announces it will consult with the government on removing the monarch from the $5 note.
4. 2025 (Mar 17): RBA officially unveils the new theme: ‘Connection to Country’, confirming King Charles will not be featured. The Australian Monarchist League criticizes the decision.
5. Future (TBD): Expected release of the new $5 note into circulation. Current notes to be gradually phased out.

What Is Certain and What Remains Unclear

Background: Why This Decision Matters

The $5 note decision sits at the intersection of Australia’s evolving national identity and its constitutional ties to the British monarchy. For decades, the monarch’s image served as a quiet but constant reminder of Australia’s colonial history and its position within the Commonwealth. The shift to a First Nations theme is seen by many as a long-overdue recognition of Indigenous culture and a step away from what they view as colonial symbolism. Critics, however, see the move as a politically motivated severing of constitutional ties without proper public debate. This tension reflects a broader conversation within Australia—and other Commonwealth realms like Canada and New Zealand—about what symbols should define a modern, multi-cultural nation.

What Was Said: Key Quotes and Sources

This design… will celebrate… the enduring connection of First Nations Australians to Country.

RBA Governor Michele Bullock (via ABC News, Mar 2025)

This is a sad day… It severs another link in our constitutional chain.

Australian Monarchist League Spokesperson (via GB News, Mar 2025)

Summary: A New Chapter for Australian Identity

The removal of the monarch from the $5 note in favor of a First Nations design is more than a currency update—it is a symbolic statement about the kind of nation Australia chooses to be. It highlights a growing desire to foreground Indigenous recognition and “Connection to Country” over traditional Commonwealth ties, while also exposing the ongoing tension between Australia’s monarchy-based constitutional system and its evolving sense of self.

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