Australian dollar

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• Fiat money
• Economy of Australia

2023: Australia to replace Elizabeth II portrait on banknotes with Aboriginal history and culture symbols

Australia will replace the portrait of Elizabeth II on five-dollar bills. This became known on February 2, 2023.

On Australian $5 notes, the portrait of the late Elizabeth II will be replaced with "a drawing dedicated to the culture and history of the first Australians."

The five-dollar bill is the last Australian note on which you can see a portrait of Elizabeth II, which began to be placed on this money countries back in 1953, when in Australia it was not dollars, but pounds. In the mid-1960s, a portrait of the queen appeared on Australia's first dollar banknote, and in the early 1990s - on the first countries ever plastic banknote of $5. In 2016, the "five" changed the design, but the portrait of the queen remained on it.

The Reserve Bank stressed that the decision to update the design of the five-dollar banknote, the only one on which the portrait of the British monarch was placed, was made after consultation with the Australian government and Australia has already approved it^[1].

Nevertheless, Elizabeth II will not leave the wallets of Australians for a long time. The RBA report notes that it will take several years to develop the design of the updated five-dollar banknote, and all these years they will continue to issue a bill of the current model. And even after the release of the updated "five" it will remain legal tender.

The portrait of Elizabeth II still remains on Australian coins. The minting of coins with a portrait of Charles III is planned to begin in 2023, but old coins will be withdrawn from circulation only as they wear out^[2].

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