Australia Won't Put King Charles On Its Bills & Here's How They're Moving On From The Queen

Australia is getting ahead of other Commonwealth countries in how it will replace Queen Elizabeth II on its currency, with plans for a $5 banknote that will not include her son, King Charles III.

The country's central bank announced on Thursday that it will update its $5 banknote to replace the queen's portrait with something that "honours the culture and history of the First Australians," rather than the king.

The exact design has not been announced, but the bank says it will work with First Australians on the new design. The other side of the $5 bill will continue to feature the Australian Parliament.

"The 5-dollar note will say more about our history and our heritage and our country, and I see that as a good thing," Treasurer Jim Chalmers said at a new conference, per the New York Times.

It's a bold move that other countries have also been thinking about in the wake of the queen's death, although Australia is the first to make a move.

However, the bank is not completely erasing the monarchy from its money. The bank says the new king will soon start appearing on coins that previously had Queen Elizabeth II on them.

According to Euronews, the decision was made after a meeting between the bank and the center-left Labor Party government. The outlet also notes that opponents say the move is "politically motivated."

King Charles III is Australia's head of state, but there have been discussions in the country to cut those ties with the British crown.

As Forbes reports, following the death of Queen Elizabeth II, Australia's lawmaker Adam Bandt "reignited a persistent debate by calling on the country" to cut its ties with the British monarchy.

The outlet noted that the issue was also expected to gain support outside of its borders in other Commonwealth countries like neighbouring New Zealand.

If Australia were to go through with removing King Charles III as its head of state, it would follow in Barbados' footsteps.

The Caribbean country cut ties with the British monarchy in 2021.

It will take several years for the new banknote to go into circulation in Australia, and with Charles being 74 years old, there's no guarantee he'll still be on the throne when the new bills come out.

In the meantime, the current $5 bill will continue to be issued and will remain legal, even after the new banknote comes out.