The Australian Monarchist League has expressed strong disapproval regarding the recent announcement from the Reserve Bank of Australia (RBA) that King Charles will not be featured on the new $5 note. Instead, the new note will adopt the theme of “Connection to Country.”
The RBA explained this theme aims to reflect and celebrate Aboriginal and Torres Strait Islander cultures, guiding the creation of the note’s design. Although Parliament House in Canberra will remain depicted on one side, the decision has sparked controversy, particularly from the Monarchist League. They argue that as a constitutional monarchy, the image of the reigning monarch should be present on Australian currency.
The League issued a statement claiming the government’s decision to remove the King’s likeness is part of a broader agenda to establish a republic, which they believe has been hindered by the recent defeat of the Voice referendum. They view this move as a covert continuation of republican sentiments under Prime Minister Anthony Albanese, warning that allowing his government a second term, especially in alliance with the Greens, could pave the way for a republic.
In response to the backlash, the RBA assured that the decision to forgo a portrait on the new note is a deliberate attempt to innovate, reflecting on the factors that shape Australian identity. The bank emphasised the importance of exploring new representations rather than adhering to traditional motifs. The chosen theme emerged from over 2,100 public submissions, showcasing a desire for a design that resonates with the nation’s evolving cultural landscape.
As the final design of the new note is still pending, the RBA is set on ensuring it honours the country’s heritage and acknowledges diverse narratives. Thus, while the announcement has stirred debate about Australia’s future relationship with the monarchy, it also highlights the RBA’s commitment to inclusivity in their currency designs.