The Reserve Bank of Australia (RBA) has unveiled plans for a reimagined $5 banknote that will celebrate First Nations cultures and history, replacing the longstanding tradition of using a portrait of the British Monarch.

Since 1992, Queen Elizabeth II has been featured on the smallest Australian note, but the new design will not include King Charles III.

Instead, the theme ‘Connection to Country’ has been selected to depict the diversity and depth of First Nations cultures across Australia.

In 2024, the Reserve Bank of Australia (RBA) sought input from the Australian public to determine a meaningful theme, receiving over 2,100 submissions.

The Imagery Selection Panel—comprising senior RBA representatives, Note Printing Australia, and prominent First Nations business and community members—chose ‘Connection to Country’ as the theme that will guide the design process.

At the time, Assistant Governor (Business Services) Michelle McPhee encouraged all Australians to participate in shaping the new note.

“We invite all Australians to reimagine the $5 banknote in the search for themes that reflect our nation’s unique and rich First Nations cultures and history,” she said.

“This could be a story passed down for generations, a location, an idea, an instrument, or an object that binds a community.

“Involving the public in this process is vital, and by actively engaging First Nations communities, we can better capture themes that tell our nation’s story."

Honouring First Nations Heritage

The RBA said that the chosen theme ‘Connection to Country’ reflects the longstanding relationship First Nations peoples have with the land.

"The overturning of the concept of terra nullius acknowledged the deep connection Aboriginal and Torres Strait Islander people have maintained with Country for thousands of years," they said.

The new banknote will also highlight the role of First Nations communities in environmental conservation, particularly through the use of traditional ecological knowledge to sustain and protect Australia’s landscapes.

For those of us old enough to remember, this new note follows a history of Indigenous representation on Australian banknotes.

The Australian one-dollar note - featuring Indigenous design - was introduced in 1966 and replaced by the one-dollar coin in 1984.

The first $1 note issued in 1966 featured Aboriginal rock paintings and bark paintings by David Malangi Daymirringu.

The first polymer banknote—a $10 note released in 1988—incorporated examples of both ancient and contemporary Aboriginal art.

Today, the $50 banknote features Ngarrindjeri author and activist David Unaipon, while the current $5 note includes the Forecourt Mosaic, a design by Michael Nelson Jagamara based on his Central Desert dot-style painting ‘Possum and Wallaby Dreaming’.

Political Debate Over the Change

The decision to remove the British monarch from the $5 note has drawn mixed reactions from political and public figures.

Opposition Leader Peter Dutton criticised the move, calling it “another attack on our systems, our society, and institutions” and describing it as “woke nonsense” akin to debates over Australia Day.

The Australian Monarchist League echoed these sentiments, calling the decision “neo-communism in action.”

However, Finance Minister Jim Chalmers supported the change, calling it “the right decision for the right reasons.”

He emphasised the importance of recognising First Nations culture, history, and heritage while maintaining the monarchy’s representation on Australian coins.

As the RBA continues working on the design, the Imagery Selection Panel will provide ongoing guidance to ensure the new note authentically represents First Nations cultures.

An Indigenous artist will be invited to create artwork that reflects the theme’s significance, shaping how ‘Connection to Country’ is brought to life on Australia’s next $5 banknote.

With public input and collaboration with First Nations communities, the reimagined banknote will serve as a significant step in acknowledging and celebrating Australia’s Indigenous heritage.

The note will retain the security features introduced in 2016 and will still have Parliament House on the reverse side.

Don't expect to see the new note in your pockets just yet though, as the RBA say the process to finalise a design will take several years before it is released.