Australia is removing British monarchy from its bank notes
The bank plans to consult with Indigenous groups in designing the USD 5 note, a process it expects will take several years before the new note goes public.
Australia is removing the British monarchy from its banknotes. The nation's central bank said on Thursday its new USD 5 bill would feature an Indigenous design rather than an image of King Charles III. But the king is still expected to appear on coins. The USD 5 bill was Australia's only remaining bank note to still feature an image of the monarch. The bank said the decision followed consultation with the government, which supported the change.
Opponents say the move is politically motivated. The British monarch remains Australia's head of state, although these days that role is largely symbolic. Like many former British colonies, Australia is debating to what extent it should retain its constitutional ties to Britain. Australia's Reserve Bank said the new USD 5 bill would feature a design to replace a portrait of Queen Elizabeth II, who died last year. The bank said the move would honour the culture and history of the First Australians. The other side of the USD 5 banknote will continue to feature the Australian parliament," the bank said in a statement. Treasurer Jim Chalmers said the change was an opportunity to strike a good balance.
The monarch will still be on the coins, but the USD 5 note will say more about our history and our heritage and our country, and I see that as a good thing, he told reporters in Melbourne.
Opposition Leader Peter Dutton likened the move to change the date of the national day, Australia Day. I know the silent majority don't agree with a lot of the woke nonsense that goes on but we've got to hear more from those people online, he told 2GB Radio. Dutton said Prime Minister Anthony Albanese was central to the decision for the king not to appear on the note, urging him to own up to it."
The bank plans to consult with Indigenous groups in designing the USD 5 note, a process it expects will take several years before the new note goes public. The current USD 5 will continue to be issued until the new design is introduced and will remain legal tender even after the new bill goes into circulation. The face of King Charles III is expected to be seen on Australian coins later this year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
08:49 AM IST