The Reserve Bank of Australia (RBA) has unveiled a new design for the $5 banknote, which will replace the portrait of the British Monarch with an Indigenous theme.

This redesign marks a significant shift, as Queen Elizabeth II's image has adorned the $5 note since 1992, and the upcoming design will not feature King Charles III.

Assistant Governor Michelle McPhee emphasized that the new note will reflect the deep connection First Nations peoples have to the land, waters, and sky.

The RBA considered over 2,100 public submissions in the design process, aiming to authentically represent First Nations peoples without being tokenistic.

For the first time, the new note will not feature a portrait of any individual, but will still display an image of Canberra's Parliament House on its reverse side.

The design will honor the connection of First Nations peoples to Country, rather than simply replacing the Queen with the King.

The redesign process is informed by the 1992 overturning of the doctrine of terra nullius, which recognized the rights of Aboriginal and Torres Strait Islander peoples to land and water.

The RBA's statement highlights the importance of recognizing First Nations communities' contributions to environmental restoration and conservation efforts.

Chalmers stated that the new note strikes a balance between acknowledging the monarchy and celebrating First Australians.

While some, like Opposition Leader Peter Dutton, criticized the redesign as 'woke nonsense,' supporters view it as a vital recognition of Indigenous culture.

The new notes are expected to take years before they enter circulation, as artists will incorporate themes of Indigenous recognition into the design.

The submission period for the redesign will close in April 2025, after which the new note will be developed.