The RBA is deciding whether to replace the Queen’s face on the $5 note with the face of King Charles II.
Reserve Bank governor Philip Lowe said on Tuesday the bank is currently considering the design of the $5 banknote following the death of the Queen.
“We recognise that this is an issue that is of national interest and there is a long tradition of the monarch being on Australia’s banknotes,” Dr Lowe said.
“The monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953.
“Given this tradition and the national significance of the issue, the bank is consulting with the Australian government regarding whether or not the new $5 banknote should include a portrait of King Charles III.”
Treasurer Jim Chalmers met with Dr Lowe to discuss the issue in September saying the government would consider and consult the public on “the best way” to change the $5 note when it’s necessary.
A decision is expected to be finalised within 18 months.
The Australian Republic Movement is campaigning for the British monarch to be removed from Australian currency.
Assistant Minister treasury Dr Andrew Leigh created a stir in September when he said King Charles II would not “automatically” appear on the $5 note.
He said the Queen’s face appeared on the Pink note as an honour rather than a tradition.
The Queen’s portrait previously appeared the one pound note, the $1 dollar note and Australia’s first polymer banknote series in 1992.
At the time, Opposition Leader Peter Dutton accused Dr Leigh of attempting to “rewrite history” has demanded that the government commit to using the image of the King on the $5 note.
The federal opposition leader, Peter Dutton, accused Leigh of attempting to “rewrite history” by suggesting Charles would not automatically appear on the new $5 note.
Dr Lowe said the value of cash has yet to decline despite rising interest rates, with the total value of notes on issue worth more than $100bn.
“As interest rates have risen recently, I thought that the attractiveness of holding banknotes as a store of value might decline, but there is little sign of that yet,” Dr Lowe said.
“Time will tell, though.”
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