New Australian $5 note will not feature King Charles III

The new $5 note will replace the image of Queen Elizabeth II but will not feature an image of King Charles III, the Reserve Bank of Australia (RBA) has announced.

Opposition Leader Peter Dutton has labelled the move an "attack on society" and "woke nonsense" after news of the change emerged today.

In a statement this morning, the RBA said instead it will "honour the culture and history of the First Australians" on the five-dollar bill.

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One side will feature Parliament House, while the other will be designed in collaboration with First Nations Elders.

"The new banknote will take a number of years to be designed and printed," the RBA said.

"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."

The central bank said the decision comes after consultation with the government, which supported the change.

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In November 2022, prior to the decision, Assistant Minister for Treasury Andrew Leigh confirmed that King Charles III will feature on the nation's coins, which are issued by the Royal Mint and not the RBA.

At the time he said any transition to an image of King Charles III would not be automatic.

"As I understand, the decision to include the Queen's face on the $5 note was about her personally rather than about her status as a monarch," he said.

"So that transition isn't automatic, we'll have a sensible conversation within governments and make an appropriate announcement in due course."

The last major upgrade to the five-dollar note was made on September 1, 2016, and featured the iconic image of Queen Elizabeth II next to Australian yellow wattle plants, with Parliament House on the other side.

The new note is the fifth design change made to the bill since polymer notes were issued in 1992 and it will be the first time a Monarch will not feature on the note in nearly a century.

Dutton blasts change as 'woke nonsense'

Dutton spoke to 2GB host Ray Hadley late this morning following the Reserve Bank's announcement.

"I think it's another attack on our systems, our society, our institutions," he said.

"There no question about this that it's directed by the government, I think the prime minister should own up to it.

"He would have been central in the decision-making and if it's a decision they've made, put your hand up and say this is the reason we've made it."

Dutton also labelled the note change as "woke nonsense".

The $50 note, which honours First Nations author David Unaipon, has been in circulation since 1995.

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