Sydney: Australia will replace the portrait of Queen Elizabeth II with a new design from its $5 currency note to depict and honour the history of its indigenous culture.

The Reserve Bank of Australia said in a statement that the decision was taken in consultation with the federal government.

Australia said in September 2022 that the portrait of King Charles would not replace Queen Elizabeth on the $5 notes and could be replaced by Australian figures.

“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. 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,” the reserve bank said in a statement.

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