Pulling the monarch off the $5 has been labelled an 'attack on society' - but there was controversy when Queen Elizabeth first went on too
The design of Australia's $5 banknote was drawn into the public eye following the decision to not use an image of King Charles III on the new series.
The Reserve Bank of Australia (RBA) announced it would be choosing a design that would "honour the culture and history of the First Australians" to replace Queen Elizabeth II following her death last year, with opposition leader Peter Dutton labelling the move an "attack on society" and "woke nonsense".
But while the ruling monarch was often shown on the lowest-value Australian note - in addition to their effigy on the back of all coins - since the 1950s, putting Elizabeth on the fiver was a somewhat controversial decision in the 1990s.
Here's everything you need to know about the history of the polymer (and formerly paper) currency, colloquially known as the 'Stuey Diver', along with who else is on our notes.
READ MORE: New $5 note will not feature King Charles III
King Charles won't be on the new $5 note. iStock
Who is responsible for Australian banknotes, and who decides who appears on them?
The RBA is responsible for "all aspects of the production and issuance of Australian banknotes", including their design and printing them.
It was the RBA that announced King Charles III won't appear on the new $5 note, although it didn't make the decision alone.
The federal government was consulted, and it, along with Treasurer Jim Chalmers, supports the change.
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Was Queen Elizabeth always on the $5 note?
Queen Elizabeth II did not always feature on the $5 note. When Australia first issued dollar banknotes in 1966 after shifting away from pounds, her portrait adorned the $1 note, while there was Indigenous art on the reverse side.
This lasted less than 20 years; the note was replaced by a coin in 1984, and it wasn't until 1992 that Elizabeth was added to the $5 note – a decision that faced backlash given it replaced Australian woman Caroline Chisholm, who had been celebrated for her work improving the lives of immigrants.
READ MORE: Dutton wants King Charles on the $5 note
Australia's now-defunct $1 note, which features an image of Queen Elizabeth II. The monarch was six months pregnant when the portrait was taken, and there was some doubt she would agree to sit for the picture at the time. Reserve Bank of Australia
At the time, both Prime Minister Paul Keating and Liberal Leader John Hewson argued against the change, and opinion polls showed significant public opposition to the move.
"The $5 banknote attracted some criticism when its design was released because the portrait of the Queen replaced that of Caroline Chisholm who had appeared on the first decimal $5 banknote," the Reserve Bank Museum says on its website.
Since 1992, the $5 note has always featured Elizabeth, with the exception of a commemorative banknote released in 2001 to recognise the 100th anniversary of Federation that showed Henry Parkes and Catherine Helen Spence.
Prior to the introduction of the Australian dollar, Queen Elizabeth had been on the £1 note released in 1953-54. Before that series of currency, the ruling monarch had been printed on all Australian banknotes.
Will King Charles III feature on any Australian currency?
While his portrait won't be on any banknotes, an effigy of King Charles will replace Queen Elizabeth's picture on coins later this year.
"We expect to be able to announce the design of the first King Charles III coins early in 2023," Assistant Minister for Competition, Charities and Treasury Andrew Leigh said in December.
"Coins featuring this effigy (will) be released late in 2023."
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King Charles won't be shown on any banknotes, but he'll appear on new coins before Queen Elizabeth is replaced on the $5 note. Getty
Who are the people on the banknotes in Australia?
Eight Australians feature on the current banknotes in circulation.
Writers Banjo Patterson and Dame Mary Gilmore are on the $10 note, while convict-turned-businesswoman Mary Reibey and Royal Flying Doctor Service founder John Flynn feature on the $20.
The $50 banknote has portraits of First Nations writer and inventor David Unaipon and Edith Cowan, the first woman to be elected to an Australian parliament, while the most valuable note, the $100, is adorned by images of engineer and World War I commander Sir John Monash and renowned singer Dame Nellie Melba.
Queen Elizabeth II is the only person on the $5 note; instead of a second portrait, the reverse side has an illustration of Parliament House.
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Australia's $100 note depicts Dame Nellie Melba and Sir John Monash. Reserve Bank of Australia
When will the new $5 note come into circulation?
While the RBA announced there will be a new $5 note this week, it will still be several years before the current series featuring Queen Elizabeth is replaced.
"The Bank will consult with First Australians in designing the $5 banknote," it said in a statement.
"The new banknote will take a number of years to be designed and printed.
"In the meantime, the current $5 banknote will continue to be issued. It will be able to be used even after the new banknote is issued."
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