Australia’s new $5 banknote will feature Indigenous history instead of King Charles

Australian $5 banknote with portrait of Queen Elizabeth. The Reserve Bank says the new $5 note will have a design honouring Indigenous culture and history. Photograph: Richard McDowell/Alamy

King Charles III will not feature on Australia’s $5 note after a decision by the Reserve Bank to replace Queen Elizabeth II’s portrait with a design “that honours the culture and history of the First Australians”.

With the Australian government backing the decision, the move to balk at the presumed tradition of having Australia’s head of state on the note has already generated fierce debate.