Australia's five dollar note is set for a significant transformation, making headlines as it will remove the portrait of Queen Elizabeth II and replace it with artwork honoring First Nations peoples. On March 17, 2025, the Reserve Bank of Australia (RBA) confirmed the new theme for the redesigned $5 note, centering on the "enduring emotional, physical, and cultural connection of First Nations peoples to Country." This marks the first time since 1992 the Monarch will not be featured on the $5 note, as the RBA moves to reflect the rich heritage of Australia's Indigenous communities.
Assistant Governor of Business Services, Michelle McPhee, expressed the importance of this shift, stating, "This inspiring theme will guide the creation of artwork for the redesigned banknote." The theme selection follows an Australia-wide campaign resulting in more than 2,100 nominations from the public, showcasing the desire for this significant change.
Since 1992, Queen Elizabeth II has been featured on the $5 note, but with its impending redesign, this long-held tradition will conclude. The new note will preserve Parliament House on its reverse side, maintaining continuity with previous designs. The updated banknote aims to honor First Nations peoples' connection to their land, waters, and all aspects of the environment, as highlighted by the RBA.
The decision to move away from depicting the monarchy was met with mixed emotions across the political spectrum. Opposition Leader Peter Dutton criticized it as "an attack on society" and labeled the move as "woke nonsense." Dutton expressed concerns over replacing British royalty with Indigenous history, likening it to discussions surrounding changing Australia Day. This perspective reflects the views of some who feel strongly about maintaining traditional representations.
On the contrary, Finance Minister Jim Chalmers welcomed the change, deeming it "the right decision for the right reasons" and emphasizing the need to recognize and celebrate the culture, history, and heritage of Indigenous Australians. Chalmers remarked on the significance of balancing the representation of the monarchy, which remains depicted on Australian coins, with acknowledging Australia's First Nations peoples on the $5 note.
"The imagery on the $5 banknote should recognize the enduring connection First Nations peoples have to Country – as an emotional and physical connection," the RBA stated. The new note’s theme will encapsulate the contributions of First Nations communities toward the restoration and conservation of the environment, which is integral to their cultural identity.
While the concept of terra nullius has been overturned, recognizing Australia’s First peoples and their longstanding link to this land sets the tone for this redesign. The RBA has been clear about their intention for the artwork not to be tokenistic or stereotypical, aiming for sensitivity and authenticity as they move forward with this project. Final designs have yet to be confirmed; the RBA is currently working on finding the right artist to develop this artwork.
Australia's current five dollar note was last updated in 2016, and its issuance will continue until the newly redesigned notes are prepared. Considering the complexity of banknote design—which encompasses artistic aspects as well as security features to prevent counterfeiting—there are expectations for years of development before the new note is available for public use.
The decision not to feature King Charles III on the new note marks another significant shift following the death of Queen Elizabeth II on September 8, 2022. It confirms the RBA's dedication to reflecting the values and heritage of modern Australia directly on its currency.
With the planned redesign of the $5 note, Australia transitions to not only re-evaluated representations of its past but also introduces contemporary themes honoring the culture and history of Indigenous peoples. It showcases how national symbols are being adapted over time to reflect the changing values and aspirations of Australian society.
This new banknote development symbolizes more than just money—it acts as armor for recognition, respect, and unity among diverse cultures within Australia. For many, it emphasizes the importance of acknowledging and valuing Indigenous history as the nation continues to forge its identity.
Looking forward, the redesigned $5 note will come to represent more than commerce. It will serve as a reminder of the connections to the land, the importance of heritage, and the acknowledgment of those who have cared for the Country for thousands of years. This fresh perspective is anticipated to spark broader conversations about Australian identity, cultural respect, and reconciliation.
