The Photo of Queen Elizabeth will now no longer be featured in the Australian Note $5, revealed the Country’s Reserve Bank. The new notes will take some time to come into circulation.
By Crox Media Desk: Australia’s $5 Note is all set to go through a transformation following the decision of Australia’s Reserve Bank. According to the new update, Queen Elizabeth will no longer feature on the note.
The bank’s decision however is not welcomed by the opposition party.
The Portrait of Queen Elizabeth II first appeared on the $5 Polymer note in July 1992 when the Queen celebrated her 40th accession.
The design was later reviewed after the queen’s death. However, the revamped design will no longer feature the new monarch King Charles either.
The decision by the Country’s bank was announced after a brief discussion with the federal government.
Local Media Reported, “The Reserve Bank has decided to update the $5 banknote to feature a new design that honors the culture and first Australians”.
It further added, “This new design will replace Portrait of her Majesty II. The other side of the note will continue to feature the Australian Parliament”
When will the New Australians Note be used?
It is expected that it will take several years before the notes come into circulation.
According to the Australian Reserve Bank, the new banknote will take some years to be designed and printed.
The bank told local media, “In the meantime, a $5 banknote will continue to be issued. It will be used even after the new banknote is issued”
Meanwhile, Australian Opposition leader Peter Dutton said, he doesn’t agree with the decision.
There is no question about this, this is directed by the Federal Government” he told in an interview with a radio station in Sydney. He said in a statement, “A design incorporating both our king and an appreciation for Australia’s Indigenous heritage and culture would be a lot better and more unifying approach”