But that long run could come to an end, depending on consultations between the Reserve Bank of Australia and the government.
RBA governor Philip Lowe last night said the bank was still “considering” the design of the note, following the Queen’s death.
“We recognise that this is an issue that is of national interest and there is a long tradition of the monarch being on Australia’s banknotes,” he told the RBA board dinner in Hobart.┬а
“Indeed, the monarch has been on at least one of Australia’s banknotes since 1923 and was on all our notes until 1953.┬а
“Given this tradition and the national significance of the issue, the bank is consulting with the Australian government regarding whether or not the new $5 banknote should include a portrait of King Charles III.┬а
“We will make a decision after this consultation with the government is complete.”
Assistant Minister for Treasury Andrew Leigh has already confirmed Charles will replace Elizabeth on the back of Australia’s coins.
But he pushed a decision on the $5 note off into the future, saying it would be a government call, handled mostly by the treasurer and the RBA.
“As I understand, the decision to include the Queen’s face on the $5 note was about her personally rather than about her status as a monarch,” he said.┬а
“So that transition isn’t automatic, we’ll have a sensible conversation within governments and make an appropriate announcement in due course.”
Asked whether the Queen’s face could be replaced with that of a prominent Indigenous Australian such as Eddie Mabo, Leigh said it would be an issue for Parliament to look at in the future.
King Charles III’s handwritten note atop mother’s coffin revealed
Opposition Leader Peter Dutton, speaking on 2GB Radio, accused Leigh of rewriting history and “taking advantage of the circumstances” by leaving the door open for an alternative to the King.
Money bearing the Queen’s effigy will remain legal tender, even after Charles replaces her on the coins.
