Most Commonwealth nations have the UK’s ruling monarch featured on their banknotes. However, after the passing of Queen Elizabeth II, Australia has decided it will update its $5 note – its last with a monarch on it – to honour its Indigenous history.
The passing of Queen Elizabeth II signalled the end of a long-running era. For nations in the Commonwealth, such as Australia, the event reignited debates over whether the country should become a republic.
This is in part because Australia is a country with a rich and unique history of Indigenous Peoples. Many have argued that the history of First Australians has been side-lined by the prominence of British rule.
However, it’s clear that this is starting to change.
Australia’s centre-left Labour government has been pushing for a referendum that will allow its national constitution to be edited to better recognise First Australians. A successful campaign will require consultation with them on any decisions that affect their livelihoods.
In line with amplified campaigns which advocate for the recognition of the lives of First Australians, Australia’s Reserve Bank has now made a bold decision to remove the last remaining monarch portrait from its banknote.
Instead of reprinting its $5 note with a portrait of King Charlies III, the new note will feature a design that honours its First Nations peoples. Though the national government has backed the decision, it’s one that has not pleased everyone.
This is a massive win for the grassroots, First Nations people who have been fighting to decolonise this country. First Nations people never ceded our Sovereignty to any King or Queen, ever. Time for a Treaty Republic! pic.twitter.com/J4LjyFXwUe
— Senator Lidia Thorpe (@SenatorThorpe) February 2, 2023