Australia's New Banknotes to Honour Indigenous Culture

The Reserve Bank of Australia has announced plans to update the nation’s $5 bills—the last banknotes to bear a portrait of Queen Elizabeth II—with a design that ‘honours the culture and history of the First Australians’.

The decision was taken following consultation with the Australian Government, and has been welcomed by activists working to raise the profile of First Nations people as well as those preferring their cash to feature famous Australian figures. In a late 2022 poll conducted by The Sydney Morning Herald, 43 percent of respondents voted for this while 34 percent voted for the UK’s monarch and 23 percent were undecided.

Jim Chalmers, Treasurer of Australia, suggests that revising the design elements of the new banknote whilst keeping the coin design consistent—with designs planned to bear the British King’s likeness—is the best way to satisfy Australians on both sides of the fence.

The Reserve Bank aims to continue its ‘proud history of recognising the culture and history of the First Australians, including on Australia’s banknotes’ and says it will consult with traditional owners on the design.

The new $5 design will sit alongside the existing $50 banknote, which features Ngarrindjeri Aboriginal Australian David Ngunaitponi, an inspirational inventor, preacher and author whose contributions to the nation are credited with helping break many negative stereotypes of Australia’s first people.