Currently, a portrait of Queen Elizabeth appears on one side of the $5 currency note.
Australia's central bank confirmed on Thursday that King Charles III will not appear on the country's new $5 banknotes, as Britain's former colonies re-examine their connections to the monarchy in the wake of Queen Elizabeth II's death, according to a report in the BBC.
According to the Reserve Bank of Australia, the new design will pay tribute to "the culture and history" of Indigenous Australians. Currently, a portrait of Queen Elizabeth appears on one side of the $5 currency note.
In a statement, the central bank said, "The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the First Australians. This new design will replace the portrait of Her Majesty Queen Elizabeth II. The other side of the $5 banknote will continue to feature the Australian Parliament."
They added that the decision was taken after consultation with members of the Australian Parliament, who support the change. It was also stated that the banknote will take years to be printed. "The Bank will consult with First Australians in designing the $5 banknote. The new banknote will take a number of years to be designed and printed. In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued," it stated.
First Australians are the Aboriginal and Torres Strait Islander people who make up Australia's Indigenous population, also known as First Nations people. They descended from the world's oldest continuous culture and have lived on the continent for more than 65,000 years.
According to the BBC, the $5 note is the only Australian currency to feature a portrait of a British monarch. Although Australia is switching to adopting an effigy of King Charles III, the Queen is still depicted on the nation's coinage.
The British monarch also serves as the head of Australia, New Zealand and 12 other Commonwealth nations outside of the United Kingdom. As per the outlet, every series of Australian banknotes contains at least one design with the portrait of the British monarch.
However, Australia announced in September that the new monarch's image would not automatically replace the Queen on its $5 notes and that her portrait might be replaced by Australian figures.