Australia to replace last bank notes featuring British Monarch

Australian $5 notes are pictured in Sydney on Sept. 10, 2022. King Charles III won't feature on Australia's new $5 bill, the nation's central bank announced Thursday, Feb. 2, 2023.[AP]

Australia's central bank said Thursday it will replace the image of Queen Elizabeth II on its $5 note with a design that reflects its Indigenous culture.

The change will mean King Charles III, who ascended to the throne upon the queen's death last year, will appear only on Australian coins and no member of the British monarchy will remain on Australian notes.

The king is Australia's head of state, though the role is largely symbolic.

Australia's central bank said it will consult with Indigenous groups about the design, and that it expects the process of creating and issuing the new notes to take several years.

The notes featuring the late queen will remain in use until the new ones are ready.

"The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing," Treasurer Jim Chalmers told reporters in Melbourne.