The Reserve Bank of Australia (RBA) has announced significant changes to its $5 banknote, moving away from the portrait of Queen Elizabeth II and embracing themes significant to Aboriginal and Torres Strait Islander peoples. The redesign aims to honor the deep and enduring connection Indigenous Australians have to the land, waters, and skies of this continent, emphasizing their emotional, physical, and cultural ties.
Assistant Governor of the RBA, Michelle McPhee, revealed the selected theme during a presentation on March 17, 2025, stating, "The theme of the new note recognises the rich history and connection of First Nations peoples to country, chosen from over 2,100 submissions from the public through our outreach initiative." This is the first time the redesigned note will not feature the portrait of any individual, marking a historic shift for Australia's currency.
Submissions for the new artwork reflecting this theme are now open, with the RBA encouraging artists to capture the significance of the landmark 1992 Mabo decision, which overturned the legal doctrine of terra nullius and recognised the land rights of Indigenous Australians. McPhee remarked, "This decision acknowledged the relationship of Aboriginal and Torres Strait Islander peoples to their land, which has existed for thousands of years, and invites artists to envision how this decision contributes to a positive future for First Nations peoples."
The decision to replace the portrait of the late Queen with themes reflecting Indigenous history has not been without controversy. The initial announcement drew sharp criticism from some factions, including the Opposition Leader Peter Dutton, who labeled the move "a neo-communist strategy undermining our institutions and heritage." Despite the pushback, proponents argue it is time to acknowledge and integrate Australia’s Indigenous heritage more fully.
Previously, the $5 note featured Queen Elizabeth II since 1992, but following her death and the new royal order, the Reserve Bank decided to forgo the image of King Charles III, aligning with modern values and societal shifts. Observers note this reflects broader cultural changes within Australia, aimed at recognizing the historical injustices faced by First Nations peoples.
This redesign is part of wider discussions surrounding Indigenous representation within Australia’s economy and society. The note’s back will still display the Australian federal parliament, retaining elements of national identity, but the front will be dominated by artistic interpretations of the selected theme. McPhee has emphasized the importance of avoiding “tokenistic or stereotypical” portrayals, urging artists to thoughtfully engage with the depth of Indigenous heritage and environmental sustainability practices over millennia.
Australia’s banknotes have historically included nods to Indigenous culture, with examples dating back to the 19th century. The £1 banknote from 1923 depicted the Landing of Captain Cook at Botany Bay, initiating dialogue around the first contacts between Indigenous peoples and European colonizers. Later, the A$1 note sparked the first Aboriginal copyright dispute when the RBA used artwork without proper consent from artist David Malangi. Since then, there has been increasing sensitivity to the need for proper representation and respect for Indigenous culture.
Notably, the subsequent $2 coin features Gwoya Tjungurrayi, who symbolized survival from one of Australia’s last frontier massacres. The $50 note commemorates David Unaipon, renowned for his contributions to both literature and science, epitomizing Indigenous achievement.
The RBA’s open call for artistic submissions will close in April 2025, with expectations high for creative expressions reflecting the new direction of the banknote. This initiative is seen as part of reconciliation efforts and showcases Australia’s growing recognition of Indigenous rights and heritage.
Critically, other events are happening within Australia's political and social landscapes. Concurrently, Rural and Regional Affairs Minister Jim Chalmers announced the upcoming federal budget, indicating it will inherit a smaller deficit compared to what Labor faced upon taking office. These statements provide economic assurance amid turbulent discussions surrounding the nation’s finances, especially following natural disasters.
With expectations increasing as the RBA nears the redesign deadline, there is hope more institutions will follow suit by incorporating Indigenous narratives, creating spaces for acknowledgment, reconciliation, and social justice. The changes to the $5 banknote serve not only as currency but also as cultural instruments to educate the public and facilitate meaningful discussions surrounding Australia’s past and its future.
The upcoming redesign of the $5 banknote exemplifies Australia’s commitment to embracing and celebrating its diverse, rich heritage. The choice to represent Indigenous history and culture marks not only financial progress but also significant strides toward reconciliation and recognition, reflecting the invaluable contributions of Aboriginal and Torres Strait Islander peoples.