The late Queen Elizabeth II's portrait will be taken off the $5 note and replaced with an Indigenous design.
The Reserve Bank has decided to update the note to feature a new design which "honours the culture and history of the First Australians".
"This new design will replace the portrait of Her Majesty Queen Elizabeth II," the bank said in a statement on Thursday.
"The other side of the $5 banknote will continue to feature the Australian parliament."
It said the decision followed consultation with the government, which supported the change.
The bank plans to consult with Indigenous groups in designing the $5 banknote and expects it to take a number of years to be designed and printed.
The current $5 banknote will continue to be issued until the new design is introduced and will remain legal tender.
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