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King Charles could soon be on $5 note

Australian $5 note with Queen Elizabeth.
The Reserve Bank is currently considering whether King Charles should appear on the $5 note. (Source: Getty)

We will soon know the fate of the $5 note, with the Reserve Bank (RBA) deciding whether to replace Queen Elizabeth II’s face with that of her son, King Charles III.

RBA governor Philip Lowe said the central bank was currently consulting with the Government following the Queen’s death.

“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 at an RBA board dinner last night.

“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.

"We will make a decision after this consultation with the Government is complete."

A decision is expected to be made within 18 months.

In September, Assistant Minister for Treasury Andrew Leigh sparked debate when he said King Charles III would not “automatically” appear on the $5 note.

"The decision to include the Queen’s face on the $5 note was about her personally rather than about her status as the monarch, so that transition isn’t automatic," he said at the time.

There are growing calls for an Australian to be the new face of the $5 note, with suggestions including Uncle Jack Charles and Steve Irwin.

While the future of the $5 note is still up in the air, the Royal Mint has confirmed that new coins with the face of King Charles III will begin circulating next year.

As is tradition, King Charles III will be facing to the left. Queen Elizabeth II faced to the right.

Coins and notes featuring Queen Elizabeth II remain legal tender.

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