King Charles will not feature on Australia's $5 banknote following a decision by the Reserve Bank of Australia, prompting outrage from the opposition.

The portrait of Queen Elizabeth II first appeared on the $5 polymer note in July 1992 when the Queen celebrated the 40th anniversary of her accession.

Following the Queen's death, the RBA reviewed the design and on Thursday announced via a statement that the note would change, following consultation with the federal government.

"The Reserve Bank has decided to update the $5 banknote to feature a new design that honours the culture and history of the First Australians," the statement said.

"This new design will replace the portrait of Her Majesty Queen Elizabeth II.

"The other side of the $5 banknote will continue to feature the Australian Parliament."

However it is expected to be several years before the new note is in circulation.

Liberal senator Dean Smith, who is a staunch monarchist and constitutional conservative, said he did not understand why the note could not incorporate all elements of Australia's history.

"A design incorporating both our new King and an appreciation for Australia's Indigenous heritage and culture would be a better and more unifying approach," he said in a statement.

To read the complete article, see:
Australian $5 note redesign won't feature King Charles, as Queen Elizabeth portrait removed in update(https://www.abc.net.au/news/2023-02-02/australian-5-dollar-note-queen-redesign/101920798)

Kavan adds:

To read other articles, see:
Aussies to chop monarch's head from banknote(https://www.businesslive.co.za/bt/business-and-economy/2023-02-05-aussies-to-chop-monarchs-head-from-banknote/)
Republicanism: Australia will honor indigenous cultures in its A$(https://en.mercopress.com/2023/02/02/republicanism-australia-will-honor-indigenous-cultures-in-its-a-5-bill-instead-of-charles-iii)
Australia Banishes King Charles From Its Banknotes(https://nymag.com/intelligencer/2023/02/australia-king-charles-isnt-fit-for-our-usd5-bill.html)
Britain 'relaxed' about Australia omitting King Charles from new $5 banknote, high commissioner says(https://www.theguardian.com/australia-news/2023/feb/03/britain-relaxed-about-australia-omitting-king-charles-from-new-5-banknote-high-commissioner-says)