Yahoo Finance RBA drops major hint on new $5 note design: ‘Creative ideas’
The new $5 note design will not feature a new person, the RBA says.
Aussies will soon be getting a new $5 note and the Reserve Bank (RBA) has just dropped its first major hint on what to expect for the new design.
The central bank announced last year it would replace the portrait of Queen Elizabeth on the note with a design that “honours the culture and history of First Nations peoples”.
The bank has now asked Aussies to give their two cents on the design, revealing to Yahoo Finance it had already received some “creative ideas” from the general public.
Do you have a story to share? Contact tamika.seeto@yahooinc.com
“Together with the public, we’re reimagining the $5 banknote to reflect First Nations cultures and history,” RBA Assistant Governor Business Services Michelle McPhee told Yahoo Finance.
“We have already received a lot of creative ideas. Nominations have centred around First Nations cultures, storytelling, art and design, native animals and important landmarks.”
The RBA said it will not be adding a new person to the $5 note. Instead it is asking Aussies to provide a theme, idea or piece of history for the design. This could include a story passed down for generations, a location, an instrument, or an object that binds a community.
RELATED
Sinister reason this money isn't 'legal tender' as Aussie's 'rare' $5 rejected
Your $5 note might not worth $1,200 - check this detail first
“It’s not too late to have your say. The campaign is open to all Australians and every submission is welcome,” McPhee said.
The RBA said it has met with more than 40 First Nations community organisations across the country regarding the new note.
It is also encouraging all Aussies to submit their ideas by April 30.
When will the new $5 note be released?
The new banknote will take a number of years to be designed and printed.
At the end of the public submissions period, an expert panel will select a theme and then a group of First Nations artists will be invited to submit a design. The RBA expects this will be completed by the end of 2024.
In the meantime, the current $5 banknote will continue to be issued. It can still be used even after the new banknote is introduced.
Aussies weigh in on new $5 note
Aussies have taken to social media to weigh in on the new $5 note design, with many supporting the RBA's decision to not add a new portrait to the note.
It was previously confirmed that King Charles would not replace his mother Queen Elizabeth on the $5 note. The other side of the note will continue to feature the image of the Australian Parliament.
“I think things like animals and natural landscapes are both a better aesthetic and easier for everyone to agree on than picking one specific individual to honour, so I prefer this approach,” one said.
“Why not focus not on people, but on Australia's real best asset? Which is our birds. Magpies maybe, or our iconic little budgie might be suited to a fiver. We need more birds on our currency,” another suggested.
Others joked the $5 note could feature iconic Aussie animals like a huntsman spider, an ibis or a snake.
The most recent update to the $5 note was in 2016 and there have been four different $5 note designs since the 1960s.
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
