The Reserve Bank of Australia (RBA) recently unveiled its new theme for the upcoming $5 banknote, igniting a significant controversy with the announcement it will not feature any members of the British monarchy. Instead, the note will honor the enduring emotional, cultural, and physical connection First Nations peoples have to their Country.
Announced on 18 March 2025, the decision came after the RBA launched an extensive public campaign, receiving over 2,100 nominations from Australians. RBA Assistant Governor (Business Services) Michelle McPhee emphasized the importance of this theme, stating, "The selection of this theme encompasses the deep connection First Nations peoples have to the land, the waters, and the sky." She explained how this new direction aligns with recognizing the historical injustices faced by Indigenous Australians.
This announcement marks the end of Queen Elizabeth II's long-standing presence on the $5 note, where her image had been featured since 1992. Instead, the RBA confirmed there would not be any replacement with the current British monarch, King Charles III. The reverse side of the note will still feature the Australian Parliament, but it will now be complemented by artwork reflecting the themes of Aboriginal and Torres Strait Islander cultures.
On the backdrop of this announcement, the Australian Monarchist League (AML) responded firmly, condemning the decision as part of what they deem the Albanese government's covert efforts toward establishing a republic. According to the AML, this move is indicative of the government's broader agenda surrounding republicanism, which they argue was only temporarily thwarted by the recent defeat of the Voice referendum.
The AML issued a statement criticizing the RBA's decision, declaring, "The decision to remove the King's image from Australia's five-dollar note was part of the Albanese government's plan for a republic thwarted only by their devastating defeat over the Voice referendum." They believe removing the monarch's image sets a precedent for replacing the Crown's representation on Australian currency, contradicting the nation's status as a constitutional monarchy.
This situation heightened political tensions as the AML urged citizens to vote against the Coalition government, claiming they are "republican cohorts". The AML's criticisms highlight concerns about potential future moves to reframe Australia’s identity and governance structure, especially if the Albanese government secures another term, potentially aligned with the Greens party.
Key to the theme of the new banknote is the RBA's acknowledgment of the historical injustices represented by the term "terra nullius," which implies land belonging to no one. This concept has been overturned, recognizing Aboriginal and Torres Strait Islander peoples' relationships with their land dating back thousands of years. The RBA referenced this as important and historic, inviting the artist to reflect on how moving away from this colonial mindset can shape a positive future for First Nations peoples.
Beyond historical reflections, the new theme also intentionally acknowledges the contributions of First Nations communities to Australia’s environmental conservation efforts. McPhee pointed out, "There is an opportunity for all Australians to learn from Australia’s original stewards on how to nurture and protect our fragile world."
This focus encourages all Australians to embrace learning from Indigenous practices and wisdom as significant to protecting Australia's environment and heritage.
The RBA's decision has kindled both support and controversy across the nation. While many commend the decision to honor First Nations peoples and their cultures, pushing for recognition and integration of Indigenous perspectives, others, particularly supporters of the monarchist framework, argue against removing the monarch’s depiction from public money.
The RBA has yet to finalize the design of the new banknote. With the emphasis on local Indigenous cultures and the input gained through widespread public consultation, the final product aims to reflect a more inclusive national identity. The removal of images of the monarchy has stirred up deep political sentiments about Australia's direction and future, whether rooted firmly within its colonial past or shifting toward greater recognition and celebration of its Indigenous history.
Critics suggest these choices made by the RBA could be seen as part of broader cultural shifts happening within Australia, calling for discussions around national pride and identity as the nation moves forward. With climate and cultural factors intertwining, the RBA’s niw $5 note will not merely symbolize currency; it will represent Australia’s future, entwined with the narratives of its Indigenous history.
