The Australian central bank has announced a new change to the country’s currency, saying they’re moving away from the design of the British monarchy on their bank notes to a more indigenous design.
Accordingly, the bank disclosed that the new changes will only affect the $5 bill which remains the country currency to have an image of the monarch, while King Charles III will appear on the coins to replace the queen.
Disclosing the information on Thursday, the central bank said the conclusion was reached following consultation with the center-left Labor Party government which supported the change.
The new move on parting away with the British monarchy is aimed at honoring the culture and history of the First Australians, while the other side of the banknote will continue to feature the Australian parliament, said the nation’s Reserve Bank.
“The monarch will still be on the coins, but the $5 note will say more about our history and our heritage and our country, and I see that as a good thing,” Jim Chalmers opined.
The new initiative on the banknote has been described by the opposition as politically motivated as they argued that, the British monarch will continue to remremainstralia’s head of state.
Australia’s center-left Labor Party is looking to move away from the rule of the British monarch, by making the country a republic with an Australian citizen as head of state replacing the British monarch.